Weekly roundup: Fonterra changes and results

by | Mar 18, 2022 | News

Fonterra’s CFO Marc Rivers to leave 

Fonterra this week announced that its Chief Financial Officer (CFO) Marc Rivers will be leaving the Co-op at the end of 2022 following its Annual Meeting. A search for a new CFO will begin shortly.

Chief Executive Officer Miles Hurrell says Mr Rivers joined Fonterra in 2018 and has played a critical role in resetting the financial health of the Co-operative.

“It’s been clear from day one that Marc felt a great sense of responsibility to our farmer owners, unit holders and also New Zealand’s economy. Our balance sheet is now in a strong position. We have a long-term strategy with clear targets out to 2030 and our farmer owners have given the green light on our Flexible Shareholding capital structure. Marc has been instrumental in all of these areas. We are moving from reset to a new phase of creating value, and Marc has decided that this is a natural point in time for a move.

More here …

Fonterra Reports Its Interim Results

Fonterra Co-operative Group Limited today announced its 2022 Interim Results which show the Co-op has delivered a half year Profit After Tax of NZ$364 million, a Total Group normalised EBIT of NZ$607 million, and a decision to pay an interim dividend of 5 cents alongside a record high forecast Farmgate Milk Price.

Fonterra CEO Miles Hurrell says the Co-op’s results for the first half of the financial year show it is performing well, while creating the momentum needed to achieve its 2030 targets.

More here …

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