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.
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.”
