Fletcher Building's chairman is "incredibly disappointed" about comments made by departing chief executive Mark Adamson in an internal email.
Adamson sent an email to senior staff last year saying one unit of Fletcher was "full of pompous old farts", NBR reported.
He harshly criticised accounting firm Deloitte in the email and called for 100 staff to be culled from the troubled building and interiors unit, NBR reported.
Chairman Sir Ralph Norris said in a statement the email was disappointing.
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"The Board is incredibly disappointed by these comments about the business and our employees, which are clearly not consistent with Fletcher Building's values," Norris said.
"Deloitte has worked with us for many years and we have always been impressed with the high quality work they have delivered.
"Mark has expressed his deep regret to me personally and offered his sincere apologies to all Construction Division employees."
Fletcher issued the shock announcement today that Adamson would be leaving the company immediately.
Full-year operating earnings guidance has been sliced from a top range of $760 million earlier this year to just $525m now and a $220m impairment hit is being taken on two big business units.
That is a $415m change in Fletcher's fortunes, combining the top of the earning's range guidance with the slide and the value writedowns although the company says the latter will not affect cash earnings.
Joost van Amelsfort, NZX head of market supervision said the NZX would look into Fletcher's announcements today.
While Adamson will receive his contractual entitlements, Fletcher Building said that all of his share options will lapse and he will forfeit all shares in its long term incentive scheme.
He would not be paid a short term incentive relating to the 2017 financial year.