Andrew Reding is an industry veteran and has previously worked for Fletcher Building Photo: Supplied
- Fletcher Building appoints Andrew Reding chief executive.
- The company had temporary leadership for six months
- Reding is an industry veteran and previously worked for Fletcher Building
- He will do strategic review of the group
Troubled building products and construction firm Fletcher Building has appointed an industry veteran, Andrew Reding, as its new chief executive after a six month search.
Reding previously headed Fletcher's Building Products and Wood Panels operations between 1997 and 2006, as well as managing several parts of Graeme Hart's Rank Group, including Carter Holt Harvey.
Fletcher's acting chair of the board Barbara Chapman said Reding's experience and industry knowledge made him an ideal choice for the job.
"Andrew is a highly experienced business leader who has held numerous key operational leadership roles in the construction materials and building products sectors over the past 35 years, including 11 years at Fletcher Building."
"He is an industry veteran who brings a unique combination of skills and experience, and a performance and values mindset."
He will replace acting chief executive, Nick Traber, who has been leading the group for the past six months, after the abrupt departure of chief executive Ross Taylor and board chair Bruce Hassall following poor first half earnings.
Reding said he would get to know the business again and look to improve performance.
"My immediate priorities will be to understand and then optimise the operational performance across the businesses for the prevailing challenging market conditions, see that we are well positioned when those market conditions improve, and work towards closing out the well-known issues the company faces."
"I will also be undertaking a strategic review which I will announce to the market in the first half of next year."
He will be paid an annual salary of $1.45m but will also qualify for short and long term incentive schemes depending on performance.
Fletcher Building has been blighted by a series of issues involving historic big projects, such as the International Convention Centre in Auckland, writedown of assets, and potential costs of a plumbing problem in Australia.