New Zealand First leader Winston Peters commented on the Fonterra chief executive’s resignation, calling it predictable following the sale of iconic Kiwi dairy brands to a foreign-owned firm.
“CEO Miles Hurrell has resigned and will leave once his bonuses are paid,” Peters said on social media.
“We said this exact thing would happen in our open letter to farmers last year – he, of course, denied it.”
Hurrell announced on Monday his departure from the dairy co-op after 25 years. He said Fonterra is entering the next phase of its strategic rollout, creating a natural juncture for fresh leadership.
Peters said Hurrell had “sold off” nearly every consumer brand since taking the helm, “leaving Fonterra as a commodity price taker, not a market maker.”
“Their decision leaves serious questions for New Zealand about what we must do to protect dairy manufacturing in our country as a result of Fonterra’s dereliction of duty,” Peters said.
Peters said the last Fonterra CEO resigned, Theo Spierings in 2018, he received a “ridiculous” $4.67 million payout—after earning a total of $43 million over just seven years in the role.
Peters questioned the size of Hurrell’s potential payout.