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Is Fletcher acting chair Barbara Chapman holidaying in Europe?
The board dysfunction at Fletcher Building is even worse than suggested by the five-month delay in appointing a new chair and the string of director resignations.
Is it possible that the acting chair, Barbara Chapman, has gone ahead with a planned holiday in Europe from early July without appointing her permanent replacement? The company isn't saying.
“All directors are making themselves available 24/7 to Fletcher Building right now, including our acting chair,” the company said when I asked.
And it's become even clearer that 14% shareholder Allan Gray has been driving much of recent events at Fletcher, including demanding the early departures of former chair Bruce Hassall and managing director Ross Taylor.
Hassall had resigned on Feb 14, along with Taylor, with Hassall intending to stay on until the annual shareholders' meeting, usually held in October, while Taylor was to have served up to another six months “to facilitate an orderly handover to his successor.”