Fonterra Co-operative Group is seeking a replacement for Chief Executive Officer (CEO) Miles Hurrell following his decision to resign.
The New Zealand-based dairy co-operative CEO announced his resignation in a statement to the New Zealand Stock Exchange on Monday.
“The board has begun a search for a new chief executive and expects to appoint a successor in the coming months,” Fonterra said.
Chair Peter McBride said Hurrell had decided to step down after a 25-year career with Fonterra, including eight years as CEO.
“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust,” McBride said in the statement.
“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.
“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. “
Hurrell said when he took on the role of CEO, he understood the organisation’s financial results were not just numbers but the livelihood of thousands of New Zealand farming families.
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me,” he said.
Hurrell has a six-month notice period to allow for 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,” McBride said.
Fonterra shares (NZX: FCG) were trading one cent (0.16%) lower at $6.27 at the time of writing, capitalising the company at NZ$10.11 billion (US$5.86 billion).
