New Zealand dairy cooperative Fonterra Co-operative Group Ltd has announced the resignation of its Chief Executive Officer, Miles Hurrell. After 25 years with the company, including eight years as CEO, he has decided to leave the cooperative, Fonterra reports.
Fonterra Chair Peter McBride noted that when Hurrell was appointed in 2018, he was tasked with leading a strategic reset of the business, improving the company’s financial performance, and rebuilding farmers’ trust.
According to McBride, during Hurrell’s leadership the cooperative strengthened its financial discipline and focused on key areas of its operations, creating a solid foundation for the company’s further development.
Transition period to last six months
Miles Hurrell said the decision to step down was not an easy one, but he believes the cooperative is now in a strong position to move to the next stage of its development.
He noted that Fonterra’s performance directly affects thousands of farming families across New Zealand, and throughout his career he felt responsible for supporting farmers and strengthening the cooperative.
Under the terms of his contract, Hurrell will remain in the role for another six months to ensure a smooth leadership transition.
Search for a new CEO
Fonterra said its board of directors will begin the process of selecting a new chief executive who will lead the company through the next phase of its strategy.
According to Peter McBride, the selection process will follow corporate governance practices, and the appointment of a new CEO is expected in the coming months.
Source: Fonterra.
