What Would Synlait Be Worth to Fonterra or a2 Milk?
Speculation of a possible joint move by Fonterra and a2 Milk to buy Synlait raises a much bigger strategic question, says agribusiness expert Dr Nic Lees.
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.
