increase font size
Theo Spierings.
Fonterra chief executive Theo Spierings is to leave by the end of this year.
Fonterra’s board initiated international searches in November last year to identify potential candidates and is now shortlisting candidates.
Fonterra chairman John Wilson says the board was taking the decision to bring forward the announcement, which the board was expecting to make in April, to avoid speculation.
“It is not yet clear exactly when any appointment for Theo’s replacement will be made, but it is absolutely clear that Theo will continue in the meantime to drive the cooperative’s strategy and business, with special emphasis on China.
“The board and Theo are committed to a high-quality transition to a new CEO and when we have more information in regards to timing we will let our farmers and the wider market know. Until then it is business as usual with the focus on driving returns to our farmers and unitholders.
“We envisage that even after the announcement of our new CEO, Theo will be involved in an advisory role so that we make best use of his knowledge and expertise during the transition,” says Wilson.
Spierings says that he has been proud to have led Fonterra as CEO for seven years as the cooperative has established a strong demand-led strategy and oriented itself to become innovative and sustainable.
“It is now time for a new CEO who can lead the cooperative through this next phase. The time is right for the co-operative and that is important to me and to the board.
In a follow-up to this old mutt’s piece two issues ago about Fonterra directors getting to grips with the co-op’s financial state and loudly sharing their dismay in the Koru club, another of the Hound’s spies has passed on more news in the ‘Fonterra director watch’ category.
Fonterra says there’s an urgent need to improve return on capital invested in the co-op by farmers and unit holders.
Fonterra has taken a $126 million hit over the sale of its stake in Venezuelan consumer joint venture, Corporacion Inlaca.
Fonterra is pulling out of a European joint venture as part of its portfolio review following last year’s disastrous financial results.
Fonterra says it has returned to profitability with a net profit of $80m for the first half of the 2019 financial year.
Chinese dairy giant Yili will pay $588 million for dairy co-op Westland Milk, it was announced overnight.
A significant number of lifestyle block owners may have to pay a capital gains tax on their family home, warns…
The proposed sale of Westland Milk to Chinese company Yili is causing alarm among social media users.
Traditionally, bovine viral diarrhoea (BVD) has been considered a disease of cattle. But lately it has been found to cause infections…
Landcorp is paying members of its contentious environmental reference group (ERG) $1500 a day each – far more than other…
More questions are being asked about the Government’s contentious $10 million loan to Westland.
Cows and bulls searching for ‘moo love’ now have a mobile app to help their breeders.
