Displaying items by tag: Theo Spierings

Fonterra's lack of majority control over troubled Chinese company Beingmate is hindering efforts to turn it around.

Fonterra has appointed a board sub-committee to salvage its disastrous investment in Chinese infant formula trader Beingmate.

Outgoing Fonterra chief executive Theo Spierings says the normal tenure of a global chief executive is between five and seven years.

Fonterra farmers are questioning the timing of the announcement of chief executive‘s Theo Spierings departure.

Fonterra chief executive Theo Spierings is to leave by the end of this year.

Fonterra farmers are confident their co-op was right in issuing a precautionary recall of infant formula four years ago.

While Fonterra’s first quarter revenue is up 4% on the same period last year, sales volumes are down 20% to 3.9 billion liquid milk equivalent (LME).

Fonterra has lowered its forecast earnings per share following a ruling against it in favour of Danone for $183 million in damages.

Danone has been awarded damages from Fonterra Co-operative Group totaling $183 million – fall-out from Fonterra’s product recall of 2013.

Fonterra Co-operative Group Limited has requested an immediate trading halt to be applied to their securities on the ASX, the NZX and the Fonterra Shareholders Market.