CFO's departure

The co-op also confirmed that Beaumont's shock departure was not in any way linked to the co-op's financial performance.

He left after just nine months at the co-op, raising shareholder questions.

Fonterra chief executive Miles Hurrell told the co-op's annual meeting last week that the terms of Beaumont's exit are confidential.

"While the terms of Neil's exit are confidential, I can confirm that his departure was mutually agreed by both Fonterra and Neil and was not in any way linked to the co-op's financial performance.

"While he was with us Neil created some real momentum in terms of how we set and achieve out goals for 2030, including the Resource Allocation Framework, two additional efficiency metrics and cost reduction targets we have added to our performance framework.

"I am determined that this momentum will continue."