Fonterra Board Pay Rise: Chair Fee Up to $528,500
Fonterra board members are in line for a pay rise of around 3%.
Allen will step into the CEO role on 1 May 2026, with Hurrell staying with Fonterra in an advisory role until September 2026 to assist with the leadership transition.
Peter McBride, chair of Fonterra, says Allen is an exceptional leader who will bring a strong connection with farmer shareholders and customers to the role.
“The Board is really pleased to announce Richard as Fonterra’s next CEO, who will lead the Co-op into the next phase of its strategic implementation," McBride says.
“Richard is passionate about our Co-operative,” he adds. “His most recent role is President Global Ingredients, responsible for Fonterra’s Ingredients sales, optimisation, risk management, trading and global manufacturing."
Allen joined Fonterra as a graduate in 2008 and his career with the co-operative has subsequently spanned the global supply chain.
"He led our farmer facing business Farm Source for five years, has worked in China as Vice President of our Foodservice business, was the founding CEO of MyMilk, and more recently served as President Atlantic based in Chicago, responsible for relationships with a number of our global key accounts," says McBride.
Allen says he is incredibly humbled by the appointment, adding that he feels great pride to lead the co-op.
"I’ve built my career with Fonterra and understand the important role the Co-op plays both for farmers here in New Zealand and our customers around the world," he says.
"I’m committed to maintaining the momentum in our performance, focused delivery of strategy and financial discipline that has been developed over recent years.
“Fonterra has a strong platform to build from and I’m excited by our prospects as we move forward as a New Zealand farmer owned global B2B dairy provider,” he adds.
