Liz Coutts appointed chair-elect of Mainland Group

Fonterra has announced the appointment of Liz Coutts as chair-elect of Mainland Group, the proposed divestment entity of its global consumer business.

Coutts, an internationally recognised director and executive, is currently the chair of EBOS Group, Oceania Healthcare, and 2degrees.

In the event of an initial public offering for Mainland Group, she would serve as the non-executive chair of the board.

Fonterra said it is currently pursuing both a trade sale and IPO as potential divestment options for its global consumer and associated businesses.

The company will be assessing non-binding indicative offers from potential purchasers and has recently completed meetings with prospective investors as part of the IPO process.

The divestment remains subject to approval from Fonterra's farmer shareholders.