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.
As part of the restructure, Van der Heyden has changed the structure of the company’s subcommittees in order to spread the workload and create a flatter structure. This entailed the loss of the deputy chairman position.
Van der Heyden’s aim is to get rid of the rivalries that exist in the company as a result of the merger of several companies. He said he is also improving the role of the Fonterra Shareholder Council, and wants to improve relations between Fonterra and dairy farmers, reported the Dominion Post.