Fonterra has announced the appointment of Miles Hurrell to the position of interim Chief Executive with immediate effect.
Mr Hurrell, who joined Fonterra in 2000, is currently the Co-operative’s Chief Operating Officer, Farm Source – the unit responsible for working directly with the Co-operative’s farmer-owners.
He will temporarily assume the role of CEO which was vacated earlier this year following the resignation of Fonterra’s long-standing CEO, Mr Theo Spierings.
Commenting on the announcement, Fonterra Chairman John Monaghan said the Board has agreed to end the global CEO search while the Co-operative’s current portfolio and direction are being reviewed.
“It’s important that we give ourselves the time to take stock of where we are as a Co-operative, breathe some fresh air into the business, then determine any changes that are needed,” Mr Monaghan said.
“Appointing a new CEO is the most critical decision a Board will make. We will take all the time we need to find the right person.”
“In the meantime, we need a new leader that can hit the ground running. Miles has great mana. He has a deep understanding of our business and has demonstrated his ability to manage large, complex business units in most of our global markets. Miles is well-respected both within our Co-operative and by our key global customers and wider stakeholders.”
Mr Hurrell said he was excited by the challenge to lead the largest processor of milk in New Zealand.
“Theo leaves behind a talented leadership team that includes some of the best minds in global dairy. I’ve been privileged to be part of that group for the last four years and I’m totally confident that, by working as a team, we can deliver on the expectations New Zealand has of us,” he stated.
“As a group, we haven’t always got everything right. Those lessons will be invaluable as we face up to challenges that are in front of us.”
“We are already a number of weeks into our new financial year, so I’m keen to get straight into it and ensure the business lives up to the commitments it has made to our farmers and unitholders for the year ahead.”