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.
Commercial Director for Fonterra’s Global Markets business, Andrew Murray steps into the CFO role on August 1.
Fonterra chief executive Miles Hurrell says Murray is a highly experienced senior finance leader with strong expertise in driving profitable growth and delivery of large-scale business transformation.
“Andrew has been a real asset to the Global Markets team, with an enterprise leadership mindset, and I welcome his appointment to the Fonterra Management Team,” says Hurrell.
Prior to joining Fonterra, Andrew was CFO at Simplot Australia and he spent more than 10 years at Mondelez in a variety of senior finance roles.
In October last year, Neil Beaumont stepped down, just nine months after taking on the role.
Beaumont’s surprise departure came in a Fonterra press release to the NZ Stock Exchange. No reason was given for his sudden departure.
The co-op appointed Simon Till as acting CFO while the recruitment for a permanent appointment was underway.
Hurrell extended his thanks to Till for acting in the position. From August 1 Till moves into a strategic advisor role with the co-op.
