Fonterra's Richard Allen to Take Over as CEO in May 2026
Business news is presented by
Dairy giant Fonterra has appointed Richard Allen as its new chief executive, taking over from Miles Hurrell in May 2026.
Allen, who has worked at the cooperative for 16 years since joining as a graduate in 2008, currently serves as President Global Ingredients where he oversees the company's ingredient sales, manufacturing and trading operations worldwide.
Fonterra Chairman Peter McBride said Allen was an exceptional leader with strong connections to farmer shareholders and customers.
"The Board is really pleased to announce Richard as Fonterra's next CEO, who will lead the Co-op into the next phase of its strategic implementation," McBride said.
"Richard is passionate about our Co-operative. His most recent role is President Global Ingredients, responsible for Fonterra's Ingredients sales, optimisation, risk management, trading and global manufacturing."
Allen's career at Fonterra has spanned multiple continents and business areas. He led the farmer-facing Farm Source business for five years and worked in China as Vice President of the company's Foodservice division. He also served as founding CEO of MyMilk and more recently as President Atlantic, based in Chicago, managing relationships with major global customers.
The incoming CEO said he felt humbled by the appointment and proud to lead the cooperative.
"I've built my career with Fonterra and understand the important role the Co-op plays both for farmers here in New Zealand and our customers around the world," Allen said.
"I'm committed to maintaining the momentum in our performance, focused delivery of strategy and financial discipline that has been developed over recent years."
Allen expressed optimism about Fonterra's future direction.
"Fonterra has a strong platform to build from and I'm excited by our prospects as we move forward as a New Zealand farmer owned global B2B dairy provider," he said.
The leadership transition will be gradual, with Allen officially starting as CEO on May 1, 2026. Current CEO Miles Hurrell will remain with the company in an advisory capacity until September 2026 to support the handover.
McBride praised the succession planning process, noting that Hurrell had worked effectively with the board to develop leadership talent, enabling an efficient CEO appointment process.