Thursday, 17 March 2022 09:18

Fonterra CFO to depart

Written by  Sudesh Kissun
Fonterra chief financial officer Marc Rivers will depart the co-operative at the end of the year. Fonterra chief financial officer Marc Rivers will depart the co-operative at the end of the year.

Fonterra’s chief financial officer Marc Rivers will leave the co-op at the end of this year.

Rivers who joined Fonterra in 2018 has played a critical role in resetting the financial health of the co-operative, says chief executive Miles Hurrell.

“It’s been clear from day one that Marc felt a great sense of responsibility to our farmer owners, unit holders and also New Zealand’s economy,” says Hurrell.

“Our balance sheet is now in a strong position. We have a long-term strategy with clear targets out to 2030 and our farmer owners have given the green light on our Flexible Shareholding capital structure. Marc has been instrumental in all of these areas.

“We are moving from reset to a new phase of creating value, and Marc has decided that this is a natural point in time for a move.”

Rivers will remain the role until the co-op’s annual meeting, normally held in November.

Hurrell says Rivers will help support him in identifying a successor and ensuring a smooth transition and handover.

Rivers says his time with Fonterra has been a privilege.

“I’ve learned a lot and also had the opportunity to be a meaningful part of the lives of many people across our co-op.

“We have worked together to rebuild the health and wellbeing of Fonterra and I look forward to seeing the goodness the co-op creates over the coming years.”

More like this

Featured

Contract milkers hit hard by drought crisis

Many contract milkers in badly drought affected regions around the country are coming under severe financial stress and farm owners are being urged to help them through a bad patch until the start of the new season.

National

Helping protect sheep from parasites

Everyone from experienced veterinarians and young professionals to the Wormwise programme and outstanding clinics have been recognised in this year’s…

Machinery & Products

Farmer-led group buys Novag

While the name and technology remain unchanged and new machines will continue to carry the Novag name, all the assets,…

Buhler name to go

Shareholders at a special meeting have approved a proposed deal that will see Buhler Industries, the publicly traded Versatile and…

» Latest Print Issues Online

The Hound

Make it 1000%!

OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of…

Own goal

OPINION: The irony of President Trump’s tariff obsession is that the worst damage may be done to his own people.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter