Expert Says Fonterra Backing Current Strategy With New CEO Appointment
The appointment of Richard Allen as Fonterra's new chief executive signals execution, not strategy, according to agribusiness expert Dr Nic Lees.
However, a third director couldn’t be elected as the unsuccessful candidates - sitting director Ashley Waugh and Jamie Tuuta and John Nicholls failed to get 50% yes vote among the votes cast.
In accordance with the rules for election of directors, a second election must take place. Details of process and timing will be communicated to shareholders in due course. The board may appoint a director to fill the vacancy until the next election, but may not appoint an unsuccessful candidate.
Outgoing director Nicola Shadbolt could be asked to continue serving on the board until the new election.
McBride lives at Te Puna and has farming interests in the Waikato and Bay of Plenty. He has extensive experience in the kiwifruit industry and has recently announced that he will step down as chairman of Zespri in February.
Guiney lives and farms near Fairlie, where she is a director of four dairy farming companies. She previously served on the Fonterra Board from 2014 to 2017.
Guiney’s nomination was supported by farmers and she bypassed the independent nomination process.
The three candidates chosen by the independent nomination process and backed by the board were McBride, Tuuta and Waugh.
