Fonterra seeks strong farmer mandate for sale
Fonterra chair Peter McBride expects a strong mandate from farmers shareholders for the proposed sale of its consumer and related businesses to Lactalis for $3.8 billion.
Simon Israel replaces appointed director Ralph Waters, who has retired. Israel, a Singaporean, has exceptional governance, consumer and wider Asian business experience.
He is based in Singapore and has worked in Asia for many years. He has significant business credentials in Asia and in consumer and investment businesses.
Israel will bring to the board invaluable knowledge and insights as Fonterra pursues its business strategy, particularly with its emphasis on emerging markets, says Fonterra chairman John Wilson.
Israel is currently chairman of Singapore Telecommunications and a director of Capitaland, one of Asia's largest real estate companies with core markets in Singapore and China. He was an executive director at Temasek Holdings for six years, and from 2010-2011 was executive director and president.
Wilson paid tribute to Waters.
"During his six and half years on the Fonterra board, Ralph made a very significant contribution to the cooperative.
"Ralph had agreed to remain on the Fonterra Board through the implementation of Trading Among Farmers to ensure stability, despite his other significant commitments, and we owe him a debt of gratitude for that.
"His vast experience as both a chief executive and director meant he brought valuable experience and knowledge to our board. "
Waters will be stepping down immediately. Israel will join the board from May 1.
