Fonterra reshuffles leadership to advance strategic goals

NEW ZEALAND – Fonterra Co-operative Group Ltd has announced important changes to its management team as part of its next strategic phase, aimed at driving value creation for its farmer shareholders and unit holders.

Mike Cronin, currently the Managing Director of Co-operative Affairs, will now focus exclusively on leading Fonterra’s potential divestment of its Consumer businesses. 

The divestment process, which could unlock significant value for Fonterra, is described by CEO Miles Hurrell as “one of the most important projects” the company has undertaken. 

Cronin has been with Fonterra since 2002, playing a central role in numerous strategic initiatives such as Trading Amongst Farmers, the Governance and Representation Review, and the Co-operative Difference. 

He has served as Managing Director of Co-operative Affairs since 2014 and will remain in Fonterra’s Management Team until the divestment process concludes.

Matt Bolger, a former Fonterra executive, will return to the Co-op in March 2025 to step into Cronin’s role as Managing Director of Co-operative Affairs. 

Bolger, who has previously held roles in global sales, capital strategy, and farmer services, left Fonterra in 2020 to become Pro Vice-Chancellor at the University of Waikato Management School. 

He also serves as Chairman of the Dairy Companies Association of New Zealand (DCANZ). In his new role, Bolger will oversee key areas such as Farm Source, Global Stakeholder Affairs, Corporate Communications, Legal, and Māori Strategy. 

Hurrell expressed confidence in Bolger’s ability to help implement Fonterra’s revised strategy, citing his strong commercial acumen and deep understanding of the Co-op’s farmers and stakeholders.

In another key leadership development, Fonterra has appointed Alistair Field as an Independent Director, effective November 1, 2024. 

Field brings over 30 years of experience across industries such as mining, metals, manufacturing, and logistics. 

He is currently a Non-Executive Director of BlueScope Steel Limited and Alcoa Corporation. His previous leadership roles include serving as CEO and Managing Director of Sims Limited.

Fonterra Chairman Peter McBride welcomed Field’s international expertise, particularly in key markets like China, Southeast Asia, and the Middle East, as well as his strong focus on sustainability and commercial performance. 

Field will fill the vacancy left by Scott St John, who retired from the Board in March. His appointment will be ratified by farmers at Fonterra’s Annual Meeting on November 14, 2024.

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