Fletcher Building: Interim CEO Appointed; No Change to Fair Value

Fletcher Building has appointed Nick Traber as acting CEO. Traber’s role is effective from March 29 until a permanent CEO is appointed. We think Traber looks well-placed for the position, having been CEO of the company’s concrete division since 2021. The concrete business is a strong-performing business, with EBITDA increasing by about 20% during Traber’s tenure as CEO over the past two financial years. Prior to this, Traber spent most of the past two decades in various positions with building materials company Holcim, including holding CEO roles in Europe and South America.