New Zealand dairy giant Fonterra Cooperative Group has said it is moving its consumer products division, New Zealand Milk, to Auckland from Wellington.
The company also said it was seeking a new financial officer to replace Graham Stuart, who is to assume the role of group director of strategy and growth, reported Reuters.
Chief executive Andrew Ferrier said that New Zealand Milk’s move to Auckland by May 2004 did not signal a change in the group’s capital structure.
“The model that we have in Fonterra right now does provide quite a bit of capital for investment in growth,” Ferrier was quoted by Reuters as saying.
“Certainly, in the plans that we have in the foreseeable future, we do not see the need for a different capital structure,” he said.
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As a result of the move, managing director of NZ Milk, David Pilkington, has decided to leave the company but will continue as a consultant to Fonterra.