Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
The co-operative exports a small amount of product to Russia, primarily butter, totaling about 1% of its annual exports.
Fonterra’s director global stakeholder affairs Simon Tucker says while food - including dairy - is generally exempt from international sanctions regimes and can be traded, it has suspended shipments of product to Russia while it continues to monitor developments.
“Our people’s safety is our top priority,” Tucker says.
Fonterra has seven staff based in Moscow with Fonterra Russia and about 35 people based in Saint Petersburg with joint venture Unifood.
“Both entities continue to operate at this time, however we are keeping an eye on the situation and will take actions as required,” says Tucker.
“The businesses do not supply sanctioned individuals or entities, including Russian military or security forces.”
