There has been carnage across the ditch where New Zealand's biggest construction group, Fletcher Building, announced its second profit downgrade in a matter of months despite the country experiencing a building boom.

Fletcher's chairman, former Commonwealth Bank boss Ralph Norris, responded in time honoured fashion by lopping off the head of his chief executive, Mark Adamson, with immediate effect.

As if that was not enough, the Kiwi stock exchange regulator – which is already investigating the disclosure of Fletcher's previous downgrade in March – said it would also investigate Thursday's bombshell, and trading ahead of the announcement.

Our Auckland knight, Sir Ralph, had extra reason to be peeved on Thursday.

A local paper revealed that Adamson emailed senior staff last year stating that one unit of Fletcher was "full of pompous old farts".

The surprise is, he did not mean his board of directors.

Instead Adamson's ire was directed at the building and interiors unit – which has been the source of both profit downgrades. Adamson also criticised Fletcher's auditors, Deloitte.

"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 in a statement to the local press on Thursday.

"Mark has expressed his deep regret to me personally and offered his sincere apologies to all construction division employees."

Adamson was then shown the door, sans share options and any stock in the company's long-term incentive scheme, which were forfeited. 

The problems at Fletchers building division also hit Skycity Entertainment, which announced a delay to its $NZ700 million ($649 million) International Convention Centre in Auckland due to Fletcher's woes.

Marital bliss 

Life can be difficult as a corporate couple. Spare a thought for Anna Wyke, wife of Moelis & Co's finance guru, Chris Wyke. 

Anna is company secretary at retirement home provider, Aveo Group, which got torched in the latest expose from CBD colleagues, Adele Ferguson and Sarah Danckert.  

Despite the massive share price plunge, Moelis & Co could not see any upside and its analyst downgraded the firm's recommendation on Aveo, and slashed its price target from $3.64 to $2.72. 

It might have made things a little tense over the weekend at the Wyke's North shore residence, Walmer House. 

Very Solly 

So you're telling me that not even US pop queen Kate Perry can lift Richard Umber's Myer out of the retail doldrums? 

Maybe it's time for the department store to admit that no amount of lady luck – think Jennifer Hawkins spruiking the $4.10 a share float in 2009 – can make up for the fact that the entire sector is looking like retail road kill in the current environment.

Myer's shares hit a fresh low of 73¢ on Thursday after announcing the latest profit downgrade.

And no one would have been more disappointed than retail billionaire, Solomon Lew, who raided the share register in March, buying an 11 per cent stake for $101 million.

He could buy the same shares today at a $40 million discount. 

Would Solly be tempted to pick up the remainder of the department store that is currently worth a measly $600 million?

Coincidentally, this is the exact sum that Umbers planned to spend over five years to turn around the underperforming Myer.   

"We believe that the new Myer strategy is a sustainable business model that will enable us to maintain and improve our competitive position and return the business to sustainable profit growth in the coming years," said the ever-hopeful Umbers back in 2015.

That announcement included the news Myer was buying into Topshop – the same investment that has now been written off entirely along with the fast fashion group's concessions in Myer. 

Umber's business as usual demeanour was not helped by the departure of his key lieutenant, fellow Brit and former Burberry executive, Daniel Bracken.

The interesting rumour around the lunch tables in Melbourne was that Bracken is not being poached by David Jones – as has been the recent fashion – but could instead be showing up in a role at Amazon's Australian operations. 

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