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Fonterra chief executive Theo Spierings.
Fonterra is disputing claims made in the April 10 issue of Dairy News that its plans to turn around the co-op’s disastrous investment in Chinese baby food company Beingmate will be hampered by the return of the company’s founder.
In the article headed: ‘Chinese whispers in Beingmate boardroom’ Dairy News reported that Beingmate founder and cornerstone shareholder Sam Xie had decided, last month, to take over as chief executive of the company and his return – after a seven-year hiatus – is triggering a power struggle and rocking the board.
The article pointed out the relationship between Xie and Fonterra chief executive Theo Spierings remains frayed, hindering the two stakeholders in their efforts to plan amicably to salvage the company.
However, a Fonterra spokesman says Xie is not the chief executive of Beingmate Baby and Food so the observations about the impact this will have on Fonterra are completely without basis.
He says, in fact, that Xie has come back as chief executive of the parent company Beingmate and not Being Baby and Food – which is “an entirely separate company”.
“As such, the comments about Sam being back at the helm – and Fonterra struggling to have influence, or turn around the business as a result – are simply incorrect,” Fonterra claims.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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