Mr Walters took up his position following the organisation's annual general meeting on Thursday, 14 June.
He takes over from Clare Watson, director of Preston-based construction company Bernard Watson.
Speaking at the event, Mr Walters said: "The NFB has made clear to the Government that the required procurement legislation and guidance is in place but what has not happened is widespread adoption nor enforcement of the rules. We have outlined how regional contractors and smaller companies are not served well by the bidding process. We also feel that consistent poor payment should not be rewarded with further contract awards.
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"As an industry, the culture around fair payment needs to be that it should happen as a matter of course. We are at a point in time where there is an appetite for change from within the construction industry and from the Government, which is asking for help to make that change happen.
"During my time in post, we need to figure out how to keep tackling these problems and what that nudge needs to be to get us over the line, because changing some of those deep-rooted issues will help our members as well as the industry as a whole."
(LM)
