Fletcher Building appoints new Head of Construction

Company News

by David Chau

Fletcher Building (ASX:FBU) has, for the first time, appointed a woman to lead its construction division.

Michele Kernahan will become the Chief Executive of Fletcher’s Construction team, effective immediately.

This follows the company’s announcement that current construction boss Graham Darlow will retire and leave the company on 30 June.

On Monday, Fletcher announced a profit downgrade for the current financial year – which was caused by an estimated loss of NZ$120 million.

These losses stem from two major projects – the $300 million Justice and Emergency Precinct for the Ministry of Justice in Christchurch, and the $700 million International Convention Centre for SkyCity Entertainment Group.

Yesterday, Fletcher shares closed at $7.60. This is 37.4% lower compared to its three-month high of $10.44 in early January. 

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.