New Zealand's dairy cooperative, Fonterra, has named Miles Hurrell as its interim CEO. The decision comes months after Theo Spierings stepped down from the position in March this year, after the profits of the co-op tumbled in 2017.
Miles Hurrell is the COO of Farm Source, the unit responsible for working directly with the cooperative’s farmer-owners.
Hurrell joined Fonterra in the year 2000, and he has 18 years of experience in the dairy industry, spanning across Europe, the United States, the Middle East, Africa and Russia.
Search For Global CEO Paused
The company chairman, John Monaghan, has announced that the search for a global CEO has been paused, saying, "Appointing a new CEO is the most critical decision a board will make. We will take all the time we need to find the right person."
“In the meantime, we need a new leader that can hit the ground running. Miles has great mana. He has a deep understanding of our business and has demonstrated his ability to manage large, complex business units in most of our global markets. Miles is well respected, both within our cooperative and by our key global customers and wider stakeholders," Monaghan added.
The dairy co-op witnessed a challenging year in 2017, as it faced a $183 million payment to Danone after a contamination scare in 2013, as well as financial impairments from the group's investment in Chinese milk-powder brand Beingmate.
Hurrell said that he was excited by the challenge of the new role, saying, "As a group, we haven’t always got everything right. Those lessons will be invaluable as we face up to challenges that are in front of us."
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Matthieu Chassain. Click subscribe to sign up to ESM: European Supermarket Magazine.
