Tuesday, 10 September 2019 08:55

No more cream at Fonterra

Written by  Staff Reporters
Fonterra chief executive Miles Hurrell. Fonterra chief executive Miles Hurrell.

Fonterra chief executive Miles Hurrell has told co-op employees that more work is needed to turn the business around.

“We are making good progress on our plan to turn our business around: we’re not there yet,” he said in an email to staff last week.

“Some tough calls are still needed to put us on the right path.”

Fonterra employees won’t be paid bonuses for the 2018-19 year. No salaried staff earning over $100,000 will get a pay rise in 2019-20.

A remuneration review will still occur for salaried employees earning under $100,000. Waged employees who are part of a collective agreement aren’t impacted.

Hurrell says this has been a tough call, but it’s also the right one. 

“Together as a cooperative we must do what’s right, working together to reset our business and get us back to a position where we can be proud of our financial performance.”

He thanked staff for their hard work in helping lift performance and reset the business.

More like this

Fake milk bites processors

If you think only Fonterra is in financial dire straits... the US milk industry is reeling from the decline in dairy sales.

Featured

$26m boost to rural health

The government has announced a $300 million dollar capital investment in health, with $26 million going to regional and rural service projects.

New levy to hit farmers

The New Zealand Agricultural Aviation Association (NZAAA) is up in arms about a proposed new safety levy.

 

Winegrower wins a Nuffield

For the first time in 45 years, a member of New Zealand’s wine industry has won a Nuffield Scholarship.

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Says it all!

A mate of yours truly reckons one only needs to look at the gongs given out in the New Year…

Easily bought

This old mutt was not surprised to see a number of supposed ag industry ‘thought leaders’ (a pompous title if…

» Connect with Rural News