Fonterra chief executive Miles Hurrell has announced he will step down from the role, saying the timing is right as the co‑operative enters the next phase of its strategy.
Co-operative group chairperson Peter McBride said Hurrell had decided after 25 years at Fonterra — eight as chief executive — that it was the right time to leave.
"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."
Hurrell’s departure comes as Fonterra completes a significant strategic shift, including the unconditional $4.22 billion sale of its global consumer brands — including Anchor and Mainland — to French dairy giant Lactalis.
The divestment, backed overwhelmingly by farmers last year, was expected to result in a major capital return to shareholders.
McBride thanked Hurrell for his "courageous leadership", saying the co‑operative was now strongly positioned for the future.
Hurrell said it had been an incredible privilege to have a long career with Fonterra.
"When I took the role of CEO, I understood our 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," he said.
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. 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."
Hurrell said the business was in "good hands".
"There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers."
Hurrell has a six-month notice period, with McBride saying the appointment of a new chief executive would take place in the coming months.
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