Tuesday, 14 November 2023 15:25

Sudden departure

Written by Milking It

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OPINION: The sudden departure of Fonterra’s chief financial officer Neil Beaumont, just nine months into the job, is raising questions among farmer shareholders.

Milking It believes Beaumont departed after both parties agreed to end his employment.

It’s highly unusual for Fonterra to lose a senior executive within a year of starting in the role. The press release announcing his departure included none of the usual ‘thanks for everything’ and ‘best of luck’ platitudes. Just three paragraphs: ‘he was here, now he’s gone, here’s his (temporary) replacement’.

While Fonterra has kept under wraps the reason for Beaumont’s departure, farmer shareholders aren’t impressed. Some believe the shock departure of Beaumont’s points to the board not taking shareholders into confidence.

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