13 Feb 2024

Fletcher Building CEO Ross Taylor to 'consider his position'

9:05 am on 13 February 2024
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Fletcher Building chief executive Ross Taylor. Photo: RNZ / Cole Eastham-Farrelly

Fletcher Building says its chief executive Ross Taylor "will consider his position" as investors brace for potentially more bad news from the company.

In a filing to the Australian share market, Fletcher said its board is due to meet on Tuesday, to consider a number of matters prior to the release of its half-year results on Wednesday.

The matters included potential losses and the forecast for the full year.

But in addition, the company said "it was possible that, given the matters to be considered at the board meeting, the CEO of FBU [Fletcher Building] will consider his position with FBU with this to be announced when his decision is made".

Fletcher Building shares were placed in a trading halt on Monday at the request of the company.

It said it needed to give itself time to review its profit guidance, which was likely to vary materially from the current forecasts by market analysts.

Fletcher surprised the market last week with unexpected cost increases to cover likely losses on two big projects - the New Zealand International Convention Centre and Wellington Airport car park - in the order of $180 million.

The halt would remain in place pending the release of an announcement, or no later than midday on Wednesday.