Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
Peter McBride, chair of Fonterra, says that Hurrell's career with the co-operative spanned 25 years.
"When he was appointed CEO in 2018, Miles was with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust," McBride says.
He says that under Hurrell's leadership, the co-operative has done that and more.
"From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future," he adds.
“On behalf of the Board, I thank Miles for his courageous leadership. He has overseen a significant strategic reset, focused on getting the Co-op back to its core strengths. In doing so he has helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today.
“I know I echo the sentiment of farmers when saying that Miles will leave with sincere thanks for his 25 years of loyalty and best wishes for the future,” says McBride.
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McBride says Miles has a six month notice period, which enables an organised leadership transition.
Hurrell says it has been a privilege to have a long career with Fonterra, one he says he has enjoyed immensely.
“When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families," Hurrell says. "I have always felt a great sense of responsibility to do what’s right for farmers and I believe the Co-op is now in a really good place."
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me.
“I know that the business will be in good hands. There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers,” he says.
