Fletcher Building
Fletcher Building Limited is one of the largest listed companies in New Zealand, with a market capitalisation of nearly NZ$6 billion. The company was split from Fletcher Challenge in 2001, formerly New Zealand's largest business and multinational. Structure and divisions. With around 20,000 employees globally and over 34 business units operating under the Fletcher Building banner, the company is Australasia's largest building materials supplier. Ross Taylor was appointed Group CEO on 22 November 2017. The company operates in six divisions: building products, distribution, concrete, residential and development, construction, and Australia. Distribution. Fletcher's retail operations date  back to its first building supply site in Dunedin in 1910. PlaceMakers has been the main trading brand for Fletcher Distribution's retail stores around the country since 1954. The chain has 62 stores in 2019, up from 52 in the late 1990s and early 2000s. PlaceMakers has 11 stores in Auckland, with a head office in Panmure, Auckland. Fletcher operated the Building Depot retail chain until 2003. It had 10 stores, including five in Auckland. Fletcher sold the chain to entrepreneur Mark Taylor in 2003 and two of its Auckland stores were closed. Building Depot went into receivership in  2004. History. In April 2020, in response to the COVID-19 pandemic in New Zealand, Fletcher Building senior executives had their salaries cut by 30%. The cut was part of a pay-plan suggested by the company to deal with financial impacts. Under the plan, non-working staff would receive a 35% pay cut, which would increase to 50% in May and 70% in June. On 20 May, Fletcher Building announced its intention to lay off about 1000 staff in New Zealand, or approximately 10 percent of its workforce, as a result of the COVID-19 pandemic. On 11 August, it was  reported that Fletcher Building was expecting a loss of NZ$196 million for the year to June 2020 as a result of the COVID-19 pandemic.