Fletcher Challenge Forests Ltd today announced a restructure to move its focus away from forest ownership in order to free up capital. Capital released by the change will be returned to shareholders. It also announced a new senior executive structure, including the appointment of chief financial officer Mr John Dell and chief operating officer Mr Ian Boyd as joint chief executives. This follows the retirement of CEO Mr Terry McFadgen at the end of the month. Fletcher plans to partition its forest ownership activities from its added value processing, marketing, distribution and forest management activities. Chairman Sir Dryden Spring said the company intended to further reduce the capital employed in its forests by sourcing substantial external investment into its forest estates. He said the restructure was designed to assist the introduction of new investors into the ownership of the company's forest estate. "This will allow the company to increase its focus on improving the margin at the value-added processing, marketing and distribution segments of the value chain," Sir Dryden said. The company is expected to evolve into a different forestry business where the focus will be on access and supply, rather than ownership, of the forest resource. Investment will also be focused on added value processing, marketing and the company's successful global distribution activities. Under the new structure, Mr Dell will assume responsibility for corporate strategy, restructuring initiatives and group financial performance, in addition to his responsibilities as chief financial officer. Mr Boyd will take responsibility for all the company's operational activities, growth strategies and external commercial relationships. Macquarie New Zealand Ltd has been appointed advisor in the restructuring process. Shares in Fletcher Challenge Forests were up 2c to 95c this morning. (c) Copyright 2003 AAP Information Services Pty Ltd. All rights reserved.