Milk Glut Drags Fonterra Forecast Down to $9.20/kgMS
A milk glut around the world shows no sign of easing, putting downward pressure on farmgate milk prices for the next few months.
Richard Allen, Fonterra’s Atlantic division president, has been appointed to the role of president of global markets ingredients. René Dedoncker, Fonterra’s managing director Oceania, has been appointed to the role of managing director global markets consumer and foodservice.
Co-operative Group Ltd has today announced the internal appointment of two new management team members to help lead the Co-op’s and announced an executive team member moving into a new role.
Chief executive Miles Hurrell says both Allen and Dedoncker are experienced leaders who know the co-op well and their appointments to the Fonterra management team demonstrates the depth of capability within the co-op.
Allen has been with Fonterra since 2008 and has held several significant roles across the business during this time, including leading its foodservice business in Greater China and the Farm Source business in NZ.
“In his current role as President Atlantic, Richard is responsible for Fonterra’s operations across the Americas and Europe as well as our top global Ingredients accounts,” says Hurrell.
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René Dedoncker |
“Richard has a sharp commercial mind and I look forward to seeing how he deepens our strategic customer relationships and drives further value through our Global Markets Ingredients business.
Dedoncker has been with the co-op since 2005 and has held several global leadership positions during that time. He has led the Australian business since 2017, including through its recent merger with Fonterra Brands New Zealand to form Fonterra Oceania.
“In this new role, René will provide leadership to our Global Markets Consumer business during the potential divestment process, with a focus on continuing to drive performance. René will also lead development and delivery of the strategic growth plans for our Foodservice business outside of Greater China.
“I congratulate both Richard and René on their appointments to the Fonterra Management Team and welcome their expertise as we deepen our position as a world-leading provider of high-value, innovative dairy ingredients,” says Hurrell.
The appointments will be effective from 1 August 2024. The two roles replace the role of global markets CEO held by Judith Swales, who leaves the co-op at the end of next month.
