Fonterra Begins CEO Search Following Miles Hurrell Resignation
Fonterra chief executive Miles Hurrell has resigned after eight years in the role.
Final regulatory approvals for the $240 million sale to French dairy company Lactalis have been received, Fonterra says.
The co-op says proceeds offset debt related to that business, which means there will be little cash impact on Fonterra’s earnings. Instead, there is a negative foreign currency translation reserve (FCTR) balance of approximately $70 million related to Fonterra’s ownership of the DPA Brazil asset, which will be reflected as a non-cash accounting reclassification in Fonterra’s profit and loss statement.
Fonterra owned 51% of the Brazilian JV while Nestle owned the remaining 49%.
Fonterra chief executive Miles Hurrell says when the co-op announced the sale in December 2022, it noted the sale was subject to regulatory approvals. These approvals have now been received.
“With our decision to focus on our New Zealand milk pool, the sale of DPA Brazil means we can prioritise our resources to the businesses that are core to our strategy,” says Hurrell.
