Fonterra's poor performance is driving institutional investors away from the co-op.
Mercury Energy chief executive Fraser Whineray joins Fonterra’s management team early next year in the new role. Whineray is currently the chief executive of Mercury NZ.
He is no stranger to the dairy industry, having started his career as a graduate of the New Zealand Dairy Board’s technical training programme.
Fonterra chief executive Miles Hurrell says Whineray is a results-orientated New Zealand business leader.
“Fraser has demonstrated he can transform organisations to achieve growth in complex environments through a focus on innovation, customers and his team.
“He is motivated to contribute to New Zealand’s export success and to drive sustainability, innovation and efficiency in business – three strengths that we believe can create real value.”
Whineray’s stint with the NZ Dairy Board included spending time at some of manufacturing sites and in export markets.
“He is going to be a great addition to our management team,” says Hurrell.
Whineray says he is looking forward to returning to the dairy sector and working alongside the many dedicated people at Fonterra.
“I am pleased to be able to continue in a role which contributes to New Zealand, and has strong, genuine relationships with many regional communities, Maori land trusts and local iwi across the country”.
Whineray has held roles at Credit Suisse, Puhoi Valley Cheese and Carter Holt Harvey.
He is the Chair of the Prime Minister’s Business Advisory Council and holds an MBA from the University of Cambridge, a Post Graduate Diploma in Dairy Science & Technology from Massey University and a Bachelor of Chemical & Process Engineering from the University of Canterbury.