Fletcher took over in Minnesota in the summer of 2009, the next three seasons they missed the playoffs with records of 84, 86, 81. So I'd call that a rebuild, not only did his teams make the playoffs 6 straight seasons, but after Fenton leaked value, there was enough left to turn it around in one season.
They've made the playoffs 9 of 10 seasons, including seasons of 98, 100, 106, 101 with him at the helm. The one season they missed was Fenton's only season in charge, he was then canned. He got them to the second round twice, the current GM has yet to get out of the first round.
2009: Leddy #16, Kuemper G #161, Haula #182
2010: Grandlund #9, Larsson #56, Tucker #59
2011: Brodin #10, Seeler #131
2012: Dumba #7
2013: traded 1st rd pick, 2nd rd pick 2014,
Matt Hackett,
Johan Larsson, for
Jason Pominville and a 4th rd pick in 2014 at the TDL
2014: Tuch #18, Belpido #81, Kahkonen G #109
2015: Eriksson Ek #20, Greenway #50, Kaprizov #135
Fletcher's biggest problem is trades, he's generally not good at them, especially "win now" moves.