Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
A change to its senior management team arises from this reorganisation of its consumer businesses across the Asia Pacific region.
The managing director APMEA will be Mark Wilson, Fonterra's existing managing director ASEAN/MENA. The appointment takes effect in January.
After six years of working in Melbourne away from his Sydney based family, Fonterra's managing director ANZ, John Doumani, has indicated that he will take the opportunity to leave the cooperative and pursue opportunities outside Fonterra. He will assist in the transition period and will leave at the end of March next year.
Fonterra chief executive Theo Spierings says the move was part of the cooperative's strategy to grow its consumer businesses: "Our businesses across Asia Pacific represent around 40% of our earnings and are vital to the cooperative. There are big growth opportunities in the emerging markets of Asia and Middle East, and some challenges to address in our home markets of Australia and New Zealand and our strategy requires us to address both.
"Mark Wilson is a very experienced global business leader who has grown our Asian business from strength to strength and we know he will do a great job in this expanded new role."
