After 11 years, Fonterra chairman John Monaghan will retire as a director of the co-operative at the end of his term in November.
Monaghan will step down when his current three-year term ends at the company's annual general meeting in November. He told the co-operative’s farmer-owners and unit holders that his decision was the next step in the Fonterra Board’s development and sucession planning.
“After 11 years as a director, and having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and the co-op,” said Monaghan.
“The Board is committed to a planned Chair succession that provides [Fonterra CEO] Miles [Hurrell] and his senior management team with governance stability and confidence they need to maintain the co-op’s momentum.”
Earlier in the week, Fonterra signed an agreement to sell its Dennington milk processing plant to Australian-owned animal nutrition manufacturer ProviCo, as well as being listed as #2 in Australia’s Top 100 Manufacturers list.
