Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
He will take over as managing director co-operative affairs, replacing Mark Cronin who will lead the co-op’s potential divestment process. Cronin will remain on the co-op’s management team.
Bolger spent more than 18 years with Fonterra in a variety of roles, including general manager capital strategy and director of farmer services, as well as time leading global sales teams offshore.
He stepped into his current position at University of Waikato in 2020. He’s also chairman of the Dairy Companies Association of New Zealand (DCANZ).
Chief executive Miles Hurrell says that managing director co-operative affairs, Bolger will be responsible for functions including Farm Source, Global Stakeholder Affairs and Trade, Governance, Risk and Audit, Corporate Communications, Legal and Māori Strategy.
“As we implement our revised strategy, Matt’s knowledge of the co-op’s farmers, stakeholder relations experience and commercial acumen will serve him well,” says Hurrell.
Bolger completed his Bachelor of Science in Business Administration at Georgetown University in Washington DC, majoring in International Business with Minors in English and Japanese.
Cronin been with Fonterra since 2002 and has been involved in a number of key strategic projects for the co-op, including Trading Amongst Farmers, the Governance and Representation Review, the Co-operative Difference and Flexible Shareholding.
Hurrell says exploring options for the potential divestment of its consumer businesses is one of the most important projects Fonterra has undertaken and has the potential to unlock significant value for farmer shareholders and unit holders.
“As we progress this work, Mike will step away from the managing director co-operative affairs role to dedicate his time to the potential divestment. He will remain a key member of the Fonterra Management Team.
“Mike is a highly respected leader and industry figure, holding the managing director co-operative affairs role since 2014. I personally value his trusted advice and strategic leadership. He will remain with the co-op until the potential divestment process is concluded.
