The appointment recognises the senior partner's stature in New Zealand's governance community, the law firm's current chair says
Cathy Quinn ONZM is joining the board of New Zealand’s largest listed company.
The appointment was announced by Sir Ralph Norris, who said that Bruce Hassall will succeed him as chair of Fletcher Building. Along with the former PwC chief executive and senior partner, Norris also named four new board members, including the former chair of MinterEllisonRuddWatts.
The other newly appointed independent directors are former ASB CEO Barbara Chapman, former Air New Zealand CFO Robert McDonald, and senior executive Douglas McKay.
The appointments come into effect on 1 September and come amid the company’s turnaround efforts.
Lloyd Kavanagh, who succeeded Quinn as the top-tier law firm’s chair in 2016, said that the appointment is well-deserved recognition of the senior partner’s stature in New Zealand’s governance community.
“Cathy’s leadership, governance knowledge and astute business sense will be of great benefit to Fletcher Building as it moves forward,” he said.
Quinn currently leads the M&A, private equity, and China groups at MinterEllisonRuddWatts. She is also currently a director of Tourism Holdings and a board member of New Zealand Treasury and the New Zealand China Council.
Cathy Quinn
Fletcher Building announced on Thursday a new five-year plan, which includes a $95m restructure.
“When I announced that I would step down as chairman in February I committed to first completing the CEO transition and board refresh I had commenced, and I am pleased with the progress that has been made,” Norris said.
“Our CEO Ross Taylor is now firmly established in the role and has led the development of a focussed strategy that aims to deliver long-term growth for shareholders. Our balance sheet has been strengthened following a successful capital raising, and the company is on track to deliver FY18 guidance,” he said.
The company is expected to soon announce the appointment of an Australian director. Norris said that the company’s four new independent directors are high-calibre individuals, who bring a mix of commercial, operational, and governance expertise to the board.
