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New Zealand dairy giant Fonterra begins global search for new chief executive as Miles Hurrell steps down after leading major strategic transformation.
Fonterra Co-operative Group has announced that its Chief Executive Officer, Miles Hurrell, has resigned after eight years as CEO and a total of 25 years with the company. The Fonterra CEO's resignation, announced on Monday in New Zealand, marks the beginning of a transition period as the cooperative prepares for its next strategic phase.
Hurrell, who took over as CEO in 2018, will stay on in the role for a six-month notice period to ensure a smooth transition of leadership. The company has confirmed that its board has initiated a global search for a new CEO and that a successor will be appointed in the coming months. During his tenure, Hurrell led a strategic reset of Fonterra, refocusing the company on New Zealand’s pasture-based milk production, sustainability projects, and more valuable dairy ingredients.
Industry observers believe that the company is now ready for the next level of growth. Jeremy Sullivan of advisory firm Hamilton Hindin Greene believes that Hurrell has left the cooperative in a better position than he found it in 2018. “The bigger question is the quality of succession rather than strategy,” Sullivan said, adding that the investors would be interested in a leader who can deliver the next phase of the company’s strategy.
This comes after Fonterra shareholders approved the plans to sell its global consumer and related businesses to the French dairy company Lactalis last year. This is part of the company’s long-term strategy to simplify its business and focus on high-value dairy exports.
Hurrell has held various senior leadership positions within Fonterra’s international operations. As the cooperative embarks on a new phase of its strategy implementation, the next CEO of the company will be of great interest to the global dairy industry.
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