Source: Radio New Zealand
Fonterra chief executive Miles Hurrell. Supplied/LikeMinds
Fonterra chief executive Miles Hurrell has announced he is leaving the dairy co-op after 25 years.
Appointed the chief executive officer in 2018, he was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust.
Hurrell said while it’s not an easy decision to step away, the time is right for the Co-op and him personally.
“When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families,” he said.
“I have always felt a great sense of responsibility to do what’s right for farmers and I believe the Co-op is now in a really good place.”
Hurrell said Fonterra is entering the next phase in in it’s strategic implementation which marks a natural turning point for a new leader to step in.
The co-ops sale of its consumer brands to French dairy giant Lactalis went unconditional earlier this month
“I know that the business will be in good hands. There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers,” Hurrell said.
Fonterra board chair Peter McBride said Miles has a six month notice period, which enables an organised leadership transition.
“Board and management regularly discuss succession as part of good governance practices. We are confident we can run a robust selection process and appoint a new CEO in the coming months.”
He said he echos the sentiment of farmers when saying that Miles will leave with sincere thanks for his 25 years of loyalty and best wishes for the future
“Under Miles’ leadership the team has done that and more. From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future,” McBride said.
“On behalf of the Board, I thank Miles for his courageous leadership. He has overseen a significant strategic reset, focused on getting the Co-op back to its core strengths. In doing so he has helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today.”
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
