Appointment of Group CEO & Managing Director

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
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Appointment of Group Chief Executive Officer & Managing Director

Auckland, 20 August 2024: Fletcher Building Ltd (“the Company”) is pleased to
announce the appointment of Mr Andrew Reding as Group Chief Executive Officer and
Managing Director (Group CEO & MD). Mr Reding will commence as a Director on 22
August, and will assume the role of Group CEO & MD from 30 September.
Commenting on the appointment, Fletcher Building acting Chair Barbara Chapman
said: “Following an extensive global search I am pleased to confirm Andrew Reding
as Group CEO & MD of Fletcher Building, and a Director of Fletcher Building Industries
Limited.

‘’The Board is pleased to have secured a Group CEO & MD of Andrew’s calibre,
experience and respect in the market. His deep understanding of the sectors we
operate in coupled with his knowledge of Fletcher Building make him the ideal
executive to lead the Group at this time.

‘’Andrew is a highly experienced business leader who has held numerous key
operational leadership roles in the construction materials and building products
sectors over the past 35 years, including 11 years at Fletcher Building. He is an
industry veteran who brings a unique combination of skills and experience, and a
performance and values mindset.”

During his time at Fletcher Building, he held the roles of Chief Executive of Building
Products and Steel from 2001 to 2006 and Managing Director of Fletcher Wood
Panels from 1997 to 2001. Subsequent to this, his management career includes senior
executive roles with Rank Group Ltd, where he was President and CEO of Evergreen
Packaging Inc, a global business with US$1.7 billion revenue and CEO of Carter Holt
Harvey Pulp, Paper & Packaging with more than NZ$2.3 billion revenue.

Mr Reding has also held several government industry advisory roles over the past
decade as part of MBIE’s Productivity Partnership initiative. These roles included Chair
of the Construction Systems Workgroup which was formed to address poor
productivity in the construction industry, Chair of the Building Information Modelling
Acceleration Committee and as a member of the Building Advisory Panel, responsible
for advising MBIE on setting building standards and other initiatives.

Mr Reding has more recently been involved in seismic engineering, steel waste
repurposing and clean tech start-ups, and is a long serving director and current Chair
of the New Zealand Shareholders’ Association (NZSA). He will resign from his role as

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
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Chair of the NZSA and consider the time commitments required by his other ventures
as he takes up this role.

Andrew Reding said, “I’m excited to return to Fletcher Building. My immediate
priorities will be to understand and then optimise the operational performance across
the businesses for the prevailing challenging market conditions, see that we are well
positioned when those market conditions improve, and work towards closing out the
well-known issues the company faces. I will also be undertaking a strategic review
which I will announce to the market in the first half of next year.

“In discussions with the Board I have observed a group of dedicated, competent and
hard-working people, passionate about the business and seeking to affect a positive
turnaround to drive shareholder value. My job will be to translate our shared vision
into strong results. Fletcher Building is a company with enormous potential and
opportunities, staffed by excellent people and I’m energised by the opportunity to lead
them.”

Barbara Chapman also paid tribute to Acting CEO Nick Traber, who has led the
business over the past six months: “Nick has been instrumental in providing stability
at a critical time, and the Board would like to thank him for his energy and leadership
during this period and wish him and his family all the very best for their return to
Switzerland.”

#Ends

Authorised by:
Haydn Wong
Company Secretary

For further information please contact:

MEDIA
Christian May
General Manager – Corporate Affairs
+64 21 305 398
Christian.May@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
Aleida.White@fbu.com

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
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ANNEXURE A:

Summary of material terms of employment agreement

Appointment 30 September 2024
Term Appointment on an on-going basis subject to termination by
either party (see termination and notice below).
Termination Termination by either party can be made with 6 months’
notice (or payment in lieu), other than where the employment
is terminated for cause, in which case Fletcher Building may
terminate with no notice period.
Post-Employment
Restrictions
The agreement contains post-employment restraints which
are usual for these arrangements.
Director Fees Standard Directors fees from 22 August to 29 September
2024. From Group CEO appointment date, no Director fees
will be payable.
Base salary $1,450,000 per annum.
Other benefits Fully subsidised health insurance.
Short-Term
Incentive (STI)
Eligible to receive a target STI of 100% of base salary with a
maximum STI opportunity of 150% of target STI. Delivered as
50% cash and 50% equity, with the equity portion deferred for
a 2-year period, subject to being employed on the vesting
date.
FY25 STI pro-rated for commencement date and based on
the achievement of performance objectives determined by
the Board in its absolute discretion.
Long-Term
Incentive (LTI)
Eligible to receive a LTI of 150% of base salary delivered as
performance shares.
Vesting will be subject to performance hurdles to be
determined by the Board - currently relative Total
Shareholder Return (rTSR) and Return on Funds Employed
(ROFE) in equal measure.
There will be a single performance test after a three-year
performance period.
Minimum
Shareholding
Requirement
100% of base salary. Any shares which vest under the STI or
LTI plan can't be sold until the shareholding obligation has
been met.