Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra’s chief operating officer (COO) Fraser Whineray is leaving the co-op after three years in the
role.
Whineray intends to resign from Fonterra at the end of this financial year on July 31, the co-op has told the
New Zealand Stock Exchange.
Chief executive officer Miles Hurrell says Whineray has indicated he intends to embark on a new career path
and is looking to become more involved in venture capital as an investor and governor.
“I wish him well with this endeavour.”
Hurrell says Whineray joined Fonterra in 2020 and has made a significant contribution during his time with
the business.
“Fraser has set the co-op ambitious goals for decarbonisation and the management of water, and
his enterprise leadership helped shape our new strategy and 2030 targets.
“He will leave our operations business unit in great shape with a longer-term outlook and a sharp focus on
efficiency.
“I thank Fraser for his leadership of a critical part of our business, and for his support to me and the wider
Fonterra management team.”
Whineray is committed to helping with finding a successor and ensuring a smooth handover, Hurrell
says.
Whineray had a long career with power company Mercury NZ before taking the top role at Fonterra. He
joined Mercury in 2008 and became chief executive in 2014. He has also worked at Credit Suisse and Carter
Holt Harvey.
Whineray is no stranger to the dairy industry: he started his career as a graduate of the New Zealand
Dairy Board&'s technical training programme and has previously held roles at Puhoi Valley Cheese.
Whineray holds an MBA from the University of Cambridge, a Post Graduate Diploma in Dairy Science &
Technology from Massey University and a Bachelor of Chemical & Process Engineering from the University of
Canterbury.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.