NEW ZEALAND: Fonterra chairman abolishes deputy role
Fonterra's new chairman Henry van der Heyden has eliminated the role of deputy chairman as part of his restructure plan for the company. The chairman of the New Zealand dairy giant has also ordered a review of the unpopular "peak notes" capital structure. A milk price committee made up of three directors and two farmers are to present their recommendations concerning the peak notes for a shareholder vote before the end of the financial year.
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