Wellington, June 3 NZPA - Fletcher Building Ltd chairman Roderick Deane will retire on March 31 next year and will likely be replaced by the company's former chief executive Ralph Waters.

The change in board leadership was signalled today along with other board changes which will reduce the board from nine to eight members.

Paul Baines and Geoffrey McGrath will retire from the board on June 30 this year. Gene Tilbrook and Alan Jackson will join the board from September 1 and will be independent directors. Dr Deane will retire on March 31, 2010.

"It is the board's current expectation that he will be succeeded as chairman by non-executive director, and former chief executive, Ralph Waters," the company said.

Mr Waters, an Australian, was highly respected by analysts. He retired as chief executive in August 2006 and was replaced by Australian Jonathan Ling.

Mr Tilbrook is also Australian and was finance director at Australian conglomerate Wesfarmers Ltd until his retirement in May.

Dr Jackson is a New Zealander and is currently chairman Australasia of The Boston Consulting Group, based in Sydney and Auckland. He will retire from The Boston Consulting Group.

Dr Jackson is a Fellow of the Institution of Professional Engineers and a trustee of The Icehouse Auckland.