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.
Hurrell joined the dairy industry in 2000, after spending the early years of his career working for a major international shipping line. By 2008, he had become Fonterra sales director – Europe, responsible for leading the sale of dairy ingredients within the region.
He then led the global sourcing division in North America, establishing business partnerships with a number of key suppliers, before becoming the general manager, global sourcing in 2009. He became general manager, Middle East, Africa and CIS in 2010.
Fonterra chief executive Theo Spierings says Hurrell has the necessary commercial and relationship skills to build and maintain strong relations with farmers, and support Fonterra's milk growth.
"Our New Zealand milk supply is a number one priority for Fonterra. Ensuring its sustainable growth and market share are key for our V3 business strategy, and a positive commercial approach is required in this role.
"The breadth of Miles' business knowledge and experience means he is very well placed to deal with these challenges."
Other key areas of focus for the group director cooperative affairs role include managing relationships with key stakeholders such as central, local and regional governments; and driving the global sustainability strategy.
Hurrell will take up his new position on September 1. He replaces Todd Muller, who resigned to stand in the general elections on a National Party ticket.
