Fonterra mulls options - sale or IPO
An outright sale of Fonterra’s global consumer business is more likely than a float, says Forsyth Barr senior analyst equities, Matt Montgomerie.
Norgate had led Kiwi Dairies co-op prior to taking on the inaugural chief executive role at Fonterra when it was formed. He was chief executive of Fonterra from 2001 to 2003 and afterwards headed PGG Wrightson for six years.
PGG Wrightson's chief executive Mark Dewdney described news of Norgate's passing as very sad and him one of the industry's leading visionaries.
"Craig was the catalyst for putting together Wrightson, Williams and Kettle and Pyne Gould Guinness."
Norgate was one of the youngest ever dairy industry leaders when he took the helm of Kiwi Dairies and was only in is mid -30s when he took on the Fonterra role.
Former Telecom chief executive Theresa Gattung also called Norgate a visionary.
"He was inspirational, clever and energetic. He loved this country and NZ is the poorer for his passing."
Fonterra chairman John Wilson said he was deeply upset by news of Norgate's death and passed on his thoughts to his family and friends
"Craig played a key role in the formation of Fonterra and made a significant contribution to the Co-operative as our first CEO, helping bring together key players in the New Zealand dairy industry with the strategic vision he was known for.
"He remained a close and trusted friend and mentor to many of our people.
"Craig was a proud and passionate New Zealander who made a huge contribution to this country. He will be greatly missed."
Impressive CV
Born: 1965, Hawera
1983-85: Massey University, Bachelor of Business Studies, Accounting and Finance
1985: Maori Affairs Department
1987: Lowe Walker • 1988: Lactose Company
1991: Joins Kiwi Co-operative Dairies
1994: Chief executive, Kiwi Co-operative Dairies
2001: Chief executive, Fonterra
2003: Sets up Rural Portfolio Investments
2004: Takeover of Wrightson
2005: Takeover of Williams & Kettle
2005: Merger with Pyne Gould Guinness to form PGG Wrightson
2007: Float of NZ Farming Systems Uruguay
2008: Wool business merger planned with Wool Grower Holdings
2012: Chief executive of the New Zealand Institute of Chartered Accountants
