NEW ZEALAND – Fonterra Co-operative Group Ltd has appointed Andrew Murray as its new Chief Financial Officer, effective from 1st August 2024.
Andrew who joined Fonterra in February 2023 as Commercial Director for Fonterra’s Global Markets business, brings a wealth of experience in finance leadership and business transformation.
CEO Miles Hurrell praised Murray’s contributions to the Global Markets team and expressed confidence in his ability to drive profitable growth within the company.
Andrew Murray’s appointment follows the interim stewardship of Simon Till, who has acted as CFO since October 2023.
Till will transition into a strategic advisor role with the Co-op upon Murray’s assumption of the CFO position.
Fonterra sells stake in Rokiškio Sūris
In tandem with this leadership transition, Fonterra has finalized an agreement to sell its minority stake in Lithuanian dairy business Rokiškio Sūris as part of its strategic review of investments.
The New Zealand dairy cooperative initially acquired a 10% stake in Rokiškio Sūris in 2017. The sale of Fonterra’s 3.59 million shares in Rokiškio Sūris, priced at €2.2 (US$2.34) per share, amounts to approximately €7.9 million.
Rokiškio Sūris intends to repurchase these shares through the Vilnius Stock Exchange in the coming month.
Despite the divestment, collaboration between Fonterra and Rokiškio Sūris in milk processing and product trade will persist on mutually beneficial terms, according to a statement from Rokiškio Sūris.
The Lithuanian dairy company, known for its cheese, butter, whey protein, and milk powders, maintains operations in Panevėžys, Lithuania, and operates factories in neighbouring Latvia.
Fonterra’s strategic realignment extends beyond leadership changes and divestments. The company recently appointed Anna Palairet as its permanent Chief Operating Officer, reinforcing its operational capabilities amidst plans to merge its New Zealand and Australia business units into Fonterra Oceania.
This integration, effective from 1st May, is expected to bolster Fonterra’s competitive position in the trans-Tasman market, as noted by CEO Miles Hurrell.
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