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CEO Appointment Process Agreed

The Global Dairy Company board has agreed to a process to appoint a Chief Executive, John Roadley, Chairman of Global Dairy Company, announced today.

“It has been widely reported that the board has had difficulty reaching agreement on a CEO and the general thrust of those reports has been accurate,” Mr Roadley said.

“When it was clear the board would not reach agreement on a CEO we turned our attention to reaching agreement on a process to appoint a CEO as soon as possible after the shareholder vote. That has been achieved and we expect an appointment to be made by the end of June.”

The process involves establishing a board subcommittee to work on the appointment. It will consist of Mr Roadley, Greg Gent, Henry van der Heyden, Graeme Hawkins and John Hood.

The subcommittee will set an agreed criteria for selecting a CEO. It will then engage an internationally-recognised firm, that is experienced in multinational CEO recruitment, to follow that criteria.

When that firm has finished its work, the subcommittee will make a recommendation to the Global Dairy Company board.

END

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