British-born new boss at Fletcher makes $3.3m

Fletcher Building chief executive Mark Adamson. Photo / Dean Purcell

The new British-born head of Fletcher Building earned $3.3 million in the year to June 30, according to the NZX-listed heavyweight's latest annual report.

Fletcher Building, with a rocketing share price and a $6.5 billion market capitalisation, reported how chief executive Mark Adamson's pay, which includes remuneration for his former role at the firm prior to becoming CEO from October 1, was split into a number of tranches.

He got $1.5 million "base remuneration", which included relocation costs and accommodation payments to move him from the United States to Auckland.

Adamson earned another $1.5 million short-term incentive payment, provided in his employment agreement, and $273,767 from the executive long-term incentive scheme.

The Newcastle son of a policeman heads a business employing 18,830 people around the world and is tipped to solidly increase earnings in the next few years.

The company, Australasia's largest building materials supplier which holds dominant positions in many sectors, is expected by at least two analysts to generate operating revenue of $8.5 billion in 2014, $9.1 billion the next year and $9.8 billion in 2016, pushing net profit after tax from $362 million to $414 million and $493 millon respectively.

Adamson was based in Ohio at Fletcher's world Formica base before his CEO appointment was announced last June 18. He achieved the seemingly impossible there - turning the division around into one of Fletcher's top earners.

His wife, Hazel, and their teenage children, Holly, a keen rower, and soccer fan George, did not move here until July when the United States school year finished.

Jonathan Ling, ex-Fletcher chief executive, finished almost a year ago but the annual report showed that in only three months he got $2.2 million - equivalent to about $24,000 a day.

What they get

Fletcher pay packets:

CEO Mark Adamson: $3.3m.
Chairman Ralph Waters: $410,000 ($392,000 base fee with $18,000 committee fees).
Other directors: Tony Carter, John Judge, Kathryn Spargo, Cecilia Tarrant and Gene Tilbrook got $147,000 base fees.
* Committee fees and other payments topped up incomes. Top-paid director was Gene Tilbrook at $198,000.
* Top-paid employees: (likely to be divisional CEOs) got $1.03m to $1.4m. Divisional bosses are Gerry Bollman, Graham Darlow, Mark Malpass, Tim Richards and Paul Zuckerman.