Fonterra Begins CEO Search Following Miles Hurrell Resignation
Fonterra chief executive Miles Hurrell has resigned after eight years in the role.
The New Zealand's Exchange (NZX) and the European Energy Exchange (EEX) have each taken a 33.3% stake in the platform for $35 million.
Fonterra chief financial officer Marc Rivers says the confirmation of the strategic partnership is an important milestone for Fonterra and global dairy participants.
"The move to a broader ownership structure marks the next step in the evolution of GDT - giving it a presence in prominent international dairy producing regions, with greater participation expected at GDT events.
"It will bring more participants and transactions, stimulating further growth of risk management contracts available on financial trading platforms.
"This creates opportunities for the growth of financial tools to better manage price volatility - which is something many industry participants, from farmers through to customers, are exposed to," says Rivers.
GDT chief executive Eric Hansen says the GDT team is looking forward to working with EEX and NZX as strategic partners with strong interests in dairy and established reputations as regulated exchanges to enhance GDT's role as an "independent, neutral and transparent price discovery platform".
NZX chief executive Mark Peterson says the strategic partnership will strengthen GDT's market reach benefiting New Zealand dairy farmers and customers.
"At a time of geopolitical and macroeconomic instability, GDT's vision to expand its global reach and provide better transparency in dairy commodity prices, is more important than ever for dairy market stakeholders," says Peterson.
"It aligns with NZX's strategy of growing capital markets, connecting with more businesses, and creating greater value for shareholders and investors.
"In GDT, NZX is excited to be working with the best partners to achieve this."
EEX chief strategy officer Dr Tobias Paulun says being a shareholder of GDT fits perfectly with its strategy.
"EEX looks forward to supporting GDT's growth vision with NZX and Fonterra with the aim to create value for the global dairy value chain by further improving price discovery and price risk management instruments."
