Fonterra Co-operative Group Ltd has announced that Chief Executive Officer Miles Hurrell has resigned.
Chair Peter McBride said that after a 25-year career with Fonterra, including eight years as CEO, Hurrell has decided that the time was right for him to leave the Co-op.
“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust. Under Miles’ leadership, the team has done that and more," said McBride.
"From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future."
On behalf of the Board, McBride thanked Hurrell for his courageous leadership as he oversaw a significant strategic reset focused on returning the Co-op to its core strengths, helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today.
I know I echo the sentiment of farmers when saying that Miles will leave with sincere thanks for his 25 years of loyalty and best wishes for the future.
McBride added that Hurrell has a six-month notice period, which enables an organised leadership transition.
“Board and management regularly discuss succession as part of good governance practices. We are confident we can run a robust selection process and appoint a new CEO in the coming months."
For Hurrell, it has been an incredible privilege to have a long career with Fonterra, which he has enjoyed immensely. When he took the role of CEO, he understood that financial results are not just numbers but the livelihood of thousands of New Zealand farming families.
"I have always felt a great sense of responsibility to do what’s right for farmers, and I believe the Co-op is now in a really good place. While it’s not an easy decision to step away, the time is right for both the Co-op and me personally," added Hurrell.
"Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me. I know that the business will be in good hands. There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers."
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