March 5, 2019
Fonterra permanently appoints Miles Hurrell as CEO
Hurrell had been the dairy co-op's interim CEO since August last year.
Fonterra chairman John Monaghan said the co-op's board has been impressed by Hurrell's leadership and commercial skills.
"Miles has been performing well under difficult circumstances. Our performance is not something that will be fixed overnight. It will require the courage to make difficult decisions, be up-front with farmer-owners, unit holders and other stakeholders, and instill a culture of accountability and performance right across the organisation," Monaghan said.
He continued: "Miles has demonstrated the wisdom, skills, experience and frankly, the backbone needed to lead. His permanent appointment will bring much needed stability to the co-op and our people during a critical period of change. His work alongside the board as we progress our portfolio review to re-evaluate our investments, major assets and partnerships; and the more recently announced full review of the co-operative's strategy, has him uniquely qualified for the role."
"My six months as interim CEO have reinforced my view that, despite the challenges with our current performance, the fundamentals of this business are strong," Hurrell said. "To realise our potential, we need to get the basics right and that means a full review of our strategy and ultimately, a fundamental change in direction."
Hurrell first joined Fonterra in 2000. His 19-year experience in the dairy industry has spanned four continents, including roles in Europe, the US, Middle East, Africa and Russia.
Before taking up the role of interim CEO, Hurrell was the co-op's chief operating officer of Farm Source, the unit responsible for working directly with Fonterra's farmer-owners.