Fletcher Building's chief executive will step down, it's been confirmed as the company posts a six-month loss of more than $100 million.
Ross Taylor's retirement announcement came as Fletcher released its half-year financial results on Wednesday morning, which showed the company was down $120 million in the half-year to December.
Chairman Bruce Hassall was also stepping aside.
Shares would remain stalled until 12:30pm on Wednesday after the company earlier this week requested a trading halt while considering future earnings.
"The board, Ross and I believe it is in the best interests of the business and the team that he handover to a new leader and that I hand over to a new chair at the time of the ASM (annual shareholder meeting) in October," Hassall said in a statement.
Taylor said Fletcher was "a great business" and it was "an honour and pleasure to have the opportunity to work with such a committed team of people".
"I remain committed to the business and facilitating a smooth and orderly transition to my successor who will be able to focus on leading the organisation through the next strategy cycle and beyond."
Fletcher last week shocked the market by revealing unexpected cost increases of about $180 million.
Those increases were to cover potential losses on two major projects: the New Zealand International Convention Centre and the Wellington Airport car park.
Wednesday's result "disappointingly" was "heavily impacted" by the convention centre losses, Taylor said.
