Fonterra names new chief executive officer

Fonterra has announced the appointment of its new chief executive officer to lead the co-operative into its next phase.

Richard Allen will step into the role on May 1, taking over outgoing chief executive Miles Hurrell.

The appointment comes following the completion of Fonterra's unconditional $4.22b sale of its global consumer brands, including Mainland and Anchor, to French dairy giant Lactalis.

Allen said he was "incredibly humbled" to be appointed chief executive and was proud to lead the co-op.

“I’ve built my career with Fonterra and understand the important role the co-op plays both for farmers here in New Zealand and our customers around the world," Allen said.

“I’m committed to maintaining the momentum in our performance, focused delivery of strategy and financial discipline that has been developed over recent years."

Chair Peter McBride described Allen has an "exceptional leader" with a strong connection to farmers and customers, as well as a strong knowledge of the co-operative's global operations and markets.

"The Board is really pleased to announce Richard as Fonterra’s next CEO, who will lead the co-op into the next phase of its strategic implementation," McBride said.

Allen most recently served as Fonterra's president for global ingredients, overseeing ingredient sales, optimisation and global manufacturing.

Since joining Fonterra in 2008, he has held a range of roles across the business, including leading Farm Source, vice president of foodservice, founding chief executive officer of MyMilk and president atlantic in the US.

Outgoing chief executive Hurrell, who was appointed the role in 2018, is set to stay in an advisory role at Fonterra to assist with the leadership transition.

More on this topic

Fonterra chief executive Miles Hurrell to step down

The dairy co‑operative’s chairperson said Hurrell has completed a major turnaround of the business and helped rebuild farmers’ trust during his 25‑year career with Fonterra.

Business

Mon, Mar 16

2:44

Fonterra reports half-year profit of $750 million after tax

The co-op also lifted its forecast Farmgate Milk Price midpoint from $9.50 to $9.70 per kilogram, with revenue rising to $13.9 billion for the half.

Business

Mon, Mar 23

1:31

Fonterra completes $4.22b sale of consumer brands

The $4.22 billion sale, which included Mainland and Anchor, was first agreed on in August last year.

Business

Tue, Mar 31

1:33

"Miles has worked well with the Board to develop leadership talent and plan succession, which has allowed us to run an efficient appointment process for Fonterra’s next CEO,” McBride said.