Fonterra scotches media report that Spierings is to leave, with Air NZ's Luxon eyed as replacement

Fonterra Cooperative Group has categorically denied a report in The Australian newspaper that chief executive Theo Spierings is to leave the world's biggest dairy exporter and that Air New Zealand chief Christopher Luxon is being considered as a replacement.

The report tied Spierings' departure to the weak performance of its Australian arm and may have been triggered by criticism both Fonterra and Murray Goulburn have faced in cutting their forecast milk payouts to Australian farmers, which prompted the Australian government to announce a support package of low-interest loans. Murray Goulburn CEO Gary Helou recently stepped down after the Australian dairy cooperative cut its profit guidance.

"There is no substance to the rumour," a Fonterra spokesman said. "Our response is absolutely and categorically no."

BusinessDesk.co.nz

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