Fletcher Building (ASX:FBU) has announced further losses and the departure of CEO and managing director, Mark Adamson.
The manufacturer and distributor of world-leading building and construction products and services says, it’s very disappointed to see further losses in its Building and Interiors business in FY17, particularly as the majority of the business performed well in the year.
It also announced a likely impairment of $220 million.
Meantime its EBIT is expected to be about $525 million for the year ending 30 June 2017 (down from the previous guidance of $610 to $650 million)
Fletcher Building appointed an interim CEO, Francisco Irazusta with effect from Monday 24 July 2017.
Shares in Fletcher Building (ASX:FBU) last traded 0.13 per cent higher yesterday to $7.48.