Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Paravicini replaces Jacqueline Chow who was appointed to the role in June 2016. When she took up the role, Fonterra indicated that Chow would lead Fonterra’s global consumer and foodservice business unit until the first half of 2017, in the lead up to her return to Australia to pursue a board career.
Paravicini will continue as CFO until June 1, however he will also play an important role in ensuring stability and consistency through to the announcement of Fonterra’s results for the 2017 financial year, which ends July 31.
Fonterra confirmed that it is proceeding with the appointment of a new chief financial officer and is aiming to announce this over the coming months.
Fonterra’s chief executive officer, Theo Spierings says that he is delighted to have someone of Paravicini’s calibre to continue leading a high performing consumer and foodservice business.
“Mr Paravicini has been with Fonterra for over three years and is well known to us as a world-class finance executive. He came to us from Nestlé with not only international finance experience but a successful career leading global food businesses in established and emerging markets,” says Spierings.
“Lukas has an in-depth understanding of global brands and the importance of meeting and anticipating the needs of customers through constant innovation and world-class performance. He and his family have experienced many different cultures around the world and he is fluent in five languages.”
Spierings also thanked Chow for her work in bringing together the new business unit with her wealth of consumer and foodservice experience and her strong people leadership. Chow will work closely with Paravicini to assist with a smooth transition to his new role.
