Australasia’s largest building product company Fletcher Building has appointed a new chief executive and expressed confidence in business opportunities going forward.

Mark Adamson will take up the reigns from chief executive Jonathan Ling who leaves after six years in charge.

Adamson moves up from head at Fletcher Building's Laminates and Panels division and is hinted to be looking for work in rebuilding at Christchurch to help improve earnings in the current subdued market conditions.

Ling is credited with turning Fletcher Building into Australasia's biggest building products company, buying US-based Formica and Australia's Crane Group, which nearly doubled the size of the firm.

Although Radio NZ notes he has fielded criticism from some quarters that they had overpaid for Formica, which cost about NZD$1 billion, and for Crane at $1.3 billion.

He is also credited with good management since May 2007 through the global downturn period, although company earnings have seen the stock price halved.

The Australian newspaper reports Ling said he did not expect a short-term recovery in the building industry due to weak economic conditions.

"I have come to the conclusion that for the next four to five years it is going to be pretty tough in this part of the world,” he said.