Fonterra appoints chairman-elect
Dairy giant Fonterra has appointed farm director Peter McBride as the co-operative’s chairman-elect.
Under Fonterra’s constitution, its chairman is selected by the Board from within a pool of seven elected Farmer Directors. McBride will succeed current chairman, John Monaghan when he retires as the director at the Annual Meeting in November 2020.
“We have made significant progress over the past two years in our effort to refresh our co-op’s purpose, strategy and culture. It is important to the Board that we provide stability while Miles and his team continue to embed the changes and maintain our momentum. Making this decision now also gives our farmer-owners transparency of leadership prior to this years’ Director elections and allows Peter and I a period of handover before I retire from the Board in November,” said Monaghan.
McBride said he is looking forward to working alongside John for the next few months “before leading our Co-op into its next phase and creating value for the benefit of our farmer owners and unit holders.”
Monaghan has been with the dairy giant’s board for two decades and has spent 12 years as the director. Mcbride said that Monaghan will leave behind a “culture of shared responsibility” which he wants to continue as he takes the seat as chairman by the end of the year.