Dairy giant Fonterra chairman to retire
[WELLINGTON] Struggling New Zealand dairy giant Fonterra announced on Thursday that chairman John Monaghan will retire in November at the end of his three-year term.
Mr Monaghan said he was departing as part of succession planning at the world's largest dairy exporter, which posted a record NZ$605 million (S$526.1 million) net loss last financial year.
"Having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and for the co-op," he said in a statement.
Fonterra, a collective that buys milk and dairy products from New Zealand farmers then sells them on to foreign firms, is refocusing on its core business after a string of poorly performing offshore investments.
It has resulted in huge writedowns on underperforming overseas assets, particularly in China. Fonterra said a chairman-elect would be named by August, allowing a handover period before Monaghan's departure.
In its latest market update released last month, Fonterra said underlying earnings were "tracking well", but warned novel coronavirus was creating a "very fluid and uncertain" situation.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
It also warned there could be further one-off writedowns as it reviews its assets.
Fonterra is due to release interim results on March 18.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Another Cordlife director arrested amid CAD probe
Genting chairman says open to casino resort development in UAE
Spotify sued over alleged unpaid royalties
Under Armour forecasts downbeat annual sales and profit, shares slump
J&J to acquire Proteologix for US$850 million
Watches of Switzerland sees used watch sales double