Fletcher retires from his position in line with the Corporate Governance Code, at the group’s upcoming annual general meeting on June 30.
He will be replaced by Richard Logan who is currently an independent non-executive director of the company.
In turn, Sangita Shah will be appointed as the company’s new independent non-executive director.
Chief executive Mark Dickinson noted that Fletcher’s capital markets experience and deal structuring capability were instrumental in delivering the company’s IPO and its buy-and-build strategy.
“Since becoming non-executive chairman in 2016, Mike has successfully guided the company through its transition from being predominantly founder-owned and managed, to a business today with a significantly larger market capitalisation, and an evolved and diverse share register with supportive institutional investors,” Dickinson said.
He added: “Richard Logan has made an invaluable contribution to the board to date, and we are delighted that he has agreed to become non-executive chairman to oversee the next phase of the group’s evolution.”