Fonterra Announces Interim Leadership Changes Ahead of Richard Allen CEO Transition
Fonterra has announced interim changes to the leadership of its Global Ingredients business.
Just last August, a2 was living the dream, reporting a bumper after-tax profit of $385.6 million on revenues of $1.73 billion.
Its share price, which at one stage had dropped to 10c, hit the giddy heights of $21.50, valuing the company at $15.9 billion, above NZ's biggest co-op.
But the tables have turned. Thanks to three successive profit downgrades, a2's fortunes have tumbled.
In recent weeks, its share price was $9.50, meaning the company has more than halved in value in little over six months.
It's currently worth about $7 billion.
