Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
Rowe will replace current chief financial officer Marc Rivers who is leaving the co-op at the end of the year.
Fonterra chief executive Miles Hurrell says Rowe has worked for Fonterra since 1988.
He has undertaken numerous commercial and financial leadership roles within the co-op and is currently Fonterra’s group finance director.
“Chris is a highly competent leader, who has considerable knowledge of the co-op and the management of its physical and financial portfolios, as well as mergers and acquisitions,” Hurrell says.
He says he is pleased Rowe has agreed to take on the role, adding that he will continue to provide strong direction and leadership during the recruitment process for a permanent chief financial officer.
“The recruitment process for a permanent CFO is well underway and I hope to announce the successful candidate in the coming months,” says Hurrell.
Rowe will join the Fonterra Management Team as the acting chief financial officer from 1 October 2022, and Marc Rivers will move into the strategic advisor to the CEO role from 1 October 2022 until his departure from the co-op.
