Fonterra Co-operative Group has announced CEO Miles Hurrell will step down, ending a 25-year career with the New Zealand dairy co-operative, including eight years in the top job.
Chair Peter McBride said Hurrell had led a major reset of the business since taking on the CEO role in 2018, helping restore financial performance and rebuild farmer confidence.
“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust,” McBride said.
“Under Miles’ leadership the team has done that and more. From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future.”
McBride said Hurrell had overseen a “significant strategic reset”, refocusing Fonterra on its core strengths while improving financial discipline and laying strong foundations for the future.
Hurrell said it had been “an incredible privilege” to build a long career with Fonterra and lead the co-op through a critical period.
“When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families,” Hurrell said.
“I have always felt a great sense of responsibility to do what’s right for farmers and I believe the Co-op is now in a really good place.”
Hurrell said Fonterra was entering its next phase of strategic implementation, making it the right time for a new leader to step in.
He will remain with the business during a six-month notice period to support an orderly transition. McBride said the board would now begin a formal selection process and was confident a new CEO would be appointed in the coming months.
