New Zealand dairy giant Fonterra is expected to choose a chief executive by the end of April to take the cooperative into its third year.

Only two candidates are believed to have emerged from a worldwide search that began in December, reported the New Zealand Herald. The two are the present chief executive Craig Norgate and the present chief operating officer Jay Waldvogel.

It is thought that the selection process is at the final interview stage. The successful candidate could collect an expected salary of NZ$4m (US$2.2m).