Green Light for Fonterra's $3.2b Capital Return Scheme
Fonterra farmer shareholders have approved the mechanism for a $2/share capital return expected from the sale of its global consumer and associated businesses.
However, he "fully respects" the decision made by farmers.
"I was pleased with the support from farmers but not from the milk solids," he told Dairy News online.
Read was voted off by farmers in the co-op's director elections; Te Awamutu farmer and former National Foods chief executive Ashley Waugh is the new board member.
Chairman John Wilson and director Nicola Shadbolt were returned by shareholders.
Waugh joins the board at Fonterra's annual meeting in Waitoa today.
