Arla Foods chief financial officer Frederik Lotz is leaving the dairy group to take up the role of CFO at Dutch-based retailer Action.

"Frederik has taken Arla and our finance community into a new era and he has particularly been our front-runner on going beyond budgeting and has established a more agile finance organisation and at the same time established strong finance programmes to manage our cash flow. Frederik has now decided to pursue a new career opportunity outside Arla, and I wish him all the best of luck in his new role," said Arla CEO Peder Tuborgh.

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Lotz will leave Arla by 31 July. The process of finding his replacement has now been initiated.

Tuborgh added: "We are searching for an individual who can continue the development of our finance function and maintain a high performing finance community for one of the world’s largest dairy companies with a revenue of EUR11bn."

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