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.
Fonterra shareholders have also retained sitting directors John Monaghan and David MacLeod. Three candidates – Grant Rowan, Gray Baldwin and Gary Reymer - missed out; director voting figures are not released by the co-op.
Guiney lives and farms near Fairlie where she is director of four dairy farming companies. She has previous experience as a consulting officer, dairy production lecturer and has studied overseas cooperatives in the Netherlands and Ireland. Guiney was the 2014 winner of the low-input Dairy Business of the Year.
A passionate supporter of Fonterra's co-op model, she was vocal during the TAF process, speaking out against selling share units to investors. TAF was passed by 64% of Fonterra shareholders.
Guiney will join the board at Fonterra's annual meeting in Palmerston North tomorrow.
Shareholders Murray Holdaway and Philip Wilson were elected unopposed as members of the Directors' Remuneration Committee.
In the Shareholders Council elections, Penny Smart, Malcolm Piggott, Wilson James and Ellen Bartlett were elected.
