Sharechat Logo

Dairy Holding's Colin Armer quits Fonterra board

Wednesday 1st August 2012

Text too small?

Colin Armer, who with his wife Dale controls New Zealand's biggest dairy farm operation Dairy Holdings, has suddenly quit the board of Fonterra Cooperative Group just one week after a new chairman-elect was appointed.

Armer resigned from the board effective immediately, and said he had nothing but praise for the dairy exporter's chief executive and management team. His resignation comes after John Wilson was designated chairman elect, replacing Henry van der Heyden. In the lead up to the election one of Armer's Bay of Plenty farms was fined $72,000 for discharging effluent into a Maketu stream.

"For many years I have been, and continue to be, a strong supporter of the New Zealand dairy industry and an advocate for Fonterra's important work. I will continue to be," Armer said in a statement.

Armer and his wife led the shareholder buyout of Dairy Holdings when failed lender South Canterbury Finance's one-third stake was up for grabs. The other shareholders include Alan Pye and interests associated with Humphrey Rolleston.

The Armers entered the National Business Review's annual Rich List this year, ranked 49th with an estimated fortune of some $200 million.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports