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Miles Hurrell.
Miles Hurrell's confirmation as Fonterra’s chief executive has been warmly received on social media.
Read: Turning Fonterra around will take time — Hurrell.
Fonterra confirmed the appointment of Miles Hurrell as its chief executive officer with immediate effect on Tuesday last week.
He will be paid a base salary of $1.95 million, with additional short and long-term incentive payments based on the achievement of targets agreed with the board.
Hawke’s Bay farmer and Ballance director Sarah von Dadelszen tweeted that it was “awesome news”.
Awesome news. Great having such an fantastic nzer leading the coop. Well done Miles
— Sarah von Dadelszen (@dadelszen) March 5, 2019
NZ Agricultural Trade Envoy Mike Petersen describes the appointment as inspiring.
Inspired appointment and pleased to see @mwhurrell secured in this important role.
— Mike Petersen (@tepunamike) March 5, 2019
Former Fonterra communications head Kerry Underhill also congratulated Hurrell.
Big congrats Miles. Fantastic news and a great call by the Co-op.
— Kerry Underhill (@KerryUnderhill) March 5, 2019
Hurrell will get a base salary of $1.95 million, lower than that earned by his predecessor Theo Spierings, who recieved $8m in pay and bonuses during his last year at the co-op.
One Facebook user Lance Phillips described the salary as “a bargain… less than half of Theo’s salary”.
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.
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