Sharechat Logo

Theo Spierings to leave Fonterra CEO this year

Wednesday 21st March 2018

Text too small?

Fonterra chief executive Theo Spierings will vacate the position in the course of this year, the cooperative's chair, John Wilson announced.

Speaking at the end of a presentation on its first-half results, Wilson said the board had started a global search for a new chief executive late last year and the board had decided to bring forward the announcement of Spierings's departure after some seven years in the role.

"It's normal succession planning. It's maybe a bit earlier and a bit awkward for myself as well," said Spierings. The announcement comes after growing speculation that he or Wilson would face pressure to resign because of the poor performance of the cooperative's 18.8 percent investment in Chinese infant milk formula company Beingmate.

Spierings said five to seven years was a normal period of tenure. Of the future, he said: "I would like to focus on a better world than a bigger job."

Wilson said the decision was not a reaction to the cooperative's performance, saying "Theo has delivered extraordinary value". 

Spierings would continue in the role until a new chief executive was appointed and was likely to continue in a consulting role during the handover process.

(BusinessDesk)

  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:

MARKET CLOSE: NZ shares gain as upcoming Fed meeting bolsters yield stocks; Sky TV gains
ESW reaches 90% of SLI Systems, moves to compulsory acquisition
NZ higher against USD as markets await the US Federal Reserve
Hawke's Bay council advances Napier Port IPO plan
Government outlines planned hikes in minimum wage
Chorus could lift its dividend post-UFB rollout but risks remain
T&G Global profit dented by cheaper tomatoes, small grape harvest
NZ posts widest current account deficit since 2009, in line with expectations
Heartland says new bank capital rules won't hurt as much as the market thinks
ISS supports Vital Healthcare's rebel investors

IRG See IRG research reports