Fonterra chief executive Miles Hurrell has revealed plans to step down from his position.
Co-operative Group chairperson Peter McBride noted that Hurrell, after 25 years at Fonterra—including eight as CEO—had decided it was the right time to depart.
Hurrell’s exit coincides with Fonterra wrapping up a major strategic pivot, including the unconditional $4.22 billion sale of its global consumer brands, such as Anchor and Mainland, to French dairy giant Lactalis.
The divestment, overwhelmingly approved by farmers last year, is set to deliver a substantial capital return to shareholders.
McBride thanked Hurrell for his “courageous leadership,” noting that the co-operative is now well-positioned for the future.
“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust,” McBride said.
“Under Miles’ leadership, the team has done that and more.”
Meanwhile, Hurrell described his long career at Fonterra as an incredible privilege.
“When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families. I have always felt a great sense of responsibility to do what’s right for farmers, and I believe the Co-op is now in a really good place,” Hurrell said.
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me.”
Hurrell expressed confidence that the business is in strong, capable hands.
“There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers.”
Hurrell is subject to a six-month notice period, while McBride indicated that appointing a new CEO will occur in the coming months.