Farming
Fonterra has announced that Chief Executive Officer Miles Hurrell will step down after a 25-year career with the co-operative, including eight years in the top role.
Chair Peter McBride said Hurrell’s leadership since 2018 had played a key role in improving the organisation’s financial position and restoring confidence among farmers. “When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust.
“Under Miles’ leadership the team has done that and more. From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future.”
McBride said Hurrell had delivered a strong strategic reset focused on core strengths. “On behalf of the Board, I thank Miles for his courageous leadership. He has overseen a significant strategic reset, focused on getting the Co-op back to its core strengths. In doing so he has helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today.”
Hurrell said leading Fonterra had been a privilege. “When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families.”
He said the timing was right for a leadership change. “While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me.”
Hurrell will remain in the role during a six-month notice period while the board carries out a search for a successor.
Alongside the leadership change, Fonterra confirmed a major milestone in its business transformation with the sale of Mainland Group to Lactalis now unconditional. The $4.22 billion deal covers Fonterra’s global consumer and associated businesses, representing a significant shift away from branded consumer products toward its core ingredients and foodservice operations.
All regulatory approvals for the transaction have been secured, and the separation of Mainland Group from Fonterra has been completed. The two companies will now move to finalise the transaction, expected by the end of March 2026.
The divestment is one of the largest in Fonterra’s history and reflects a broader strategy to simplify the business and improve returns for farmer shareholders.
Following completion, Fonterra plans to return capital to shareholders and unitholders, with a proposed payment of $2.00 per share. The expected record date is 9 April 2026, with payment scheduled for 14 April 2026, subject to final confirmation.