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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.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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