Fonterra CEO Spierings goes early after milk price trimmed, dividend cut

Tue, 14 Aug 2018

By Paul McBeth Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. Chief operating officer of Farm Source, Miles Hurrell, will take over as interim CEO immediately, with Spierings staying until the end of the month "to ensure a smooth transition". Spierings had already signalled plans to leave the Auckland-based company this year. His abrupt departure followed last week'...

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