Fonterra chief executive Miles Hurrell will step down after eight years leading the dairy co-operative and a 25-year career with the company.
The announcement was made by Fonterra Co-operative Group, which confirmed Hurrell has resigned and will remain in the role during a six-month notice period while the board begins the search for a successor.
Fonterra chair Peter McBride says Hurrell played a key role in resetting the business after taking the top job in 2018.
“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.
“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 says Hurrell oversaw a major strategic shift focused on returning the co-operative to its core strengths and improving financial discipline.
“On behalf of the Board, I thank Miles for his courageous leadership. He has overseen a significant strategic reset, focused on getting the Co-op back to its core strengths. In doing so he has helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today.
“I know I echo the sentiment of farmers when saying that Miles will leave with sincere thanks for his 25 years of loyalty and best wishes for the future.”
Hurrell says it had been a privilege to lead the company and work alongside New Zealand dairy farmers.
“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. 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.”
He says the timing reflects both personal considerations and the company’s next strategic phase.
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me.
“I know that the business will be in good hands. There’s an exceptional team of people who will carry the Co-op forward and continue to drive value for farmers.”
McBride says the six-month notice period will allow the board to conduct a structured recruitment process.
“Board and management regularly discuss succession as part of good governance practices. We are confident we can run a robust selection process and appoint a new CEO in the coming months.”
