{"id":589703,"date":"2026-09-04T07:44:09","date_gmt":"2026-09-04T07:44:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/589703\/"},"modified":"2026-09-04T07:44:09","modified_gmt":"2026-09-04T07:44:09","slug":"fletcher-building-slashes-ceo-pay-package-andrew-reding-gets-2-27m-while-predecessor-ross-taylor-was-on-6-58m","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/589703\/","title":{"rendered":"Fletcher Building slashes CEO pay package: Andrew Reding gets $2.27m while predecessor Ross Taylor was on $6.58m"},"content":{"rendered":"

In the latest report, Fletcher clearly spelt out its new emphasis.<\/p>\n

\"Ex-FletcherEx-Fletcher CEO Ross Taylor back in 2022. Photo \/ Jason Oxenham<\/p>\n

\u201cFor FY26, financial goals carried a greater weighting (80%) than in previous years to reflect the need to drive improved financial results,\u201d the remuneration report said.<\/p>\n

Taylor was eligible for much higher pay because of the incentive schemes the company was running at the time. <\/p>\n

His $6.5m pay in 2022 was boosted by $3.3m in short-term incentives alone \u2013 measures the company was then applying to effect changes.<\/p>\n

Taylor\u2019s pay was based on achieving various goals, including leadership, cutting injury frequency rates, increasing the number of women in top jobs, implementing and then carrying out a financial plan.<\/p>\n

Taylor, an Australian, was chief executive of the Penrose-headquartered business from November 2017 until early 2024.<\/p>\n

\"AndrewAndrew Reding was paid $2.27m in the 2026 year. Photo \/ Michael Craig<\/p>\n

Reding, originally from Britain, was appointed on September 30, 2024. He is the managing director and group CEO. <\/p>\n

He was paid $1,450,005 in base remuneration, $6392 in other benefits, and nothing in short-term incentives. <\/p>\n

He was granted 422,532 shares, with a value of $2,175,000, but these are awarded only after three years, if performance criteria are met.<\/p>\n

In FY26, financial goals for Reding included net debt within a target range of $400m to $900m.<\/p>\n

\"AtAt the NZICC opening in February: Ng\u0101ti Wh\u0101tua \u014cr\u0101kei chairwoman Marama Royal, NZICC general manager Pru Daly, SkyCity CEO Jason Wallbridge, Prime Minister Christopher Luxon, Tourism Minister Louise Upston, Auckland Mayor Wayne Brown, Deputy Mayor Desley Simpson and Fletcher Building CEO Andrew Reding. Photo \/ Michael Craig<\/p>\n

Reding met that, with Fletcher\u2019s debt in 2026 at $637m, \u201ccomfortably within the target range and significantly below the FY25 forecast range of $1.05b to $1.10b, reflecting strong balance sheet management and cash discipline\u201d, the remuneration report said.<\/p>\n

Another financial target for Reding was delivering $30m in corporate cost savings. <\/p>\n

One target he didn\u2019t meet was cutting injury frequency rates, which the report said had increased during FY26. <\/p>\n

\u201cWhile this partly reflects the impact of divested businesses, it also highlights the need for improved safety performance,\u201d the report said.<\/p>\n

\" Fletcher Building’s Andrew Reding. Photo \/ Fletcher Building<\/p>\n

Another target Reding failed to reach was group free cash, or the money the company had left after spending to support and maintain its operations and capital assets.<\/p>\n

Group free cash was below the threshold performance hurdle in FY26.<\/p>\n

Reding was paid $1.09m in the 2025 year, but that was partly because he didn\u2019t work the full year. <\/p>\n

FY25 therefore reflected that he worked only from his appointment on September 30, 2024, until the close of the financial year on June 30. <\/p>\n

He doesn\u2019t get board fees.<\/p>\n

Anne Gibson<\/a> has been the Herald\u2019s property editor for 26 years, written books and covered property extensively here and overseas.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"In the latest report, Fletcher clearly spelt out its new emphasis. Ex-Fletcher CEO Ross Taylor back in 2022.…\n","protected":false},"author":2,"featured_media":589704,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[81015,290321,20251,682,4282,674,138,10166,3500,3930,6276,19136,7494,111,139,69,90,22367,10142,2744,18550,123953,40584,3931,163,131,6736,6123,2963],"class_list":["post-589703","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-227m","tag-658m","tag-andrew","tag-being","tag-boss","tag-building","tag-business","tag-businesses","tag-ceo","tag-fletcher","tag-gets","tag-largest","tag-less","tag-new-zealand","tag-newzealand","tag-nz","tag-on","tag-package","tag-paid","tag-pay","tag-predecessor","tag-reding","tag-ross","tag-slashes","tag-taylor","tag-than","tag-was","tag-while","tag-zealands"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/589703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=589703"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/589703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/589704"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=589703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=589703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=589703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}