Fonterra announces interim CEO

15 August 2018
FONTERRA ANNOUNCES INTERIM CEO
Fonterra Co-operative Group (FCG) has announced that Miles Hurrell will take over as the Co-
operative’s interim Chief Executive with immediate effect.
Mr Hurrell is currently the Co-operative’s Chief Operating Officer, Farm Source – the unit
responsible for working directly with the Co-operative’s farmer-owners. In that role, he is
responsible for Fonterra’s global Co-operative farming strategy that includes farmer services and
engagement, milk sourcing and the chain of 70 Farm Source™ rural retail stores throughout New
Zealand.
Mr Hurrell first joined Fonterra in the year 2000. His 18 years’ experience in the dairy industry has
spanned four continents, including roles in Europe, the United States, Middle East, Africa and
Russia.
Fonterra Chairman John Monaghan says the Co-operative’s Board is clear that it is not best
practice to have the Chairman and CEO stand down at the same time, but events have overtaken
that decision.
“I have agreed with the Board that we will stop the global CEO search while we review the Co-
operative’s current portfolio and direction.
“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.
“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.
“Our CEO role requires intellect, energy and commitment. Miles brings that in spades.”

Fonterra Co-operative Group
Confidential to Fonterra Co-operative Group Page 2

Mr Hurrell said he was excited by the challenge and as a proud New Zealander understood the
responsibility that comes with the role.
“I’ve been part of the Co-operative for 18 years and understand that its true potential really comes
down to its people.
“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.
“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.”
Mr Monaghan said the Board and Mr Spierings had agreed it was the right time for him to step
down as CEO. Mr Spierings would work alongside Mr Hurrell to ensure a smooth transition of
leadership through to 1 September 2018.
“Theo has led our Co-operative through a period of great change and some real challenges. We
will recognise his contribution over the past 8 years and farewell him as a Co-operative when he
leaves the business.
“For now, it’s important that we all get in behind Miles. He’s got a big job to do on behalf of our
farmers, unit holders and wider stakeholders. The Board has full confidence in him.”
ENDS

For further information contact:
Fonterra Communications
24-hour media line
Phone: +64 21 507 072