Fonterra’s chief executive Andrew Ferrier has signalled his intention to step down from the post in the second half of this year.
The New Zealand dairy giant revealed today (1 March) that after eight years as CEO Ferrier wants to exit the business by the end of the year. However, the company said that he will remain in place until a successor is found.
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“It is possible that we will have identified a suitable candidate by the second half of this year but Andrew is committed to continuing in his role until we have found the right person,” Fonterra chairman Sir Henry van der Heyden said. “He has always wanted a planned and orderly transition to a new leader and we are particularly grateful for the flexibility he has shown the board.”
Van der Heyden said that the board is considering both internal and external candidates to fill the position. The assessment and development of internal candidates had commenced nearly two years ago and an international search was put in place at the end of last year, Fonterra revealed.
“Fonterra is a great co-operative and, when I leave, I will have absolute confidence in it becoming even stronger in the future,” Ferrier said.
Fonterra has declined to comment further on the news until the appointment of Ferrier’s replacement is announced.
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