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Fonterra Australia-NZ boss leaves after regional rejig

Fonterra Australia-NZ boss leaves after regional rejig

By Paul McBeth

Nov. 29 (BusinessDesk) - Fonterra Cooperative Group’s Australia New Zealand managing director John Doumani will leave the dairy exporter after the company rejigged its regional boundaries.

The cooperative, fresh from raising $525 million through its shareholders' fund to reduce shareholder redemption risk, has reorganised its consumer businesses to combine Australia and New Zealand with the ASEAN/Middle East/North Africa unit, it said in a statement. Sydney-based Doumani signalled he will leave the dairy exporter in March next year due to the restructuring, it said.

"Our businesses across Asia Pacific represents around 40 percent of our earnings and are vital to the cooperative," chief executive Theo Spierings said.

"There are big growth opportunities in the emerging markets of Asia and Middle East, and some challenges to address in our home markets of Australia and New Zealand, and our strategy requires us to address both," he said.

Under new chief Spierings, the cooperative expanded its senior management team with a greater regional focus to latch on to opportunities in emerging markets. Fonterra management previously operated under large silos headed up by handful of executives, and the dairy exporter wanted to reduce the complexity and potential for duplication under the existing model.

The new Asia Pacific/Middle East/Africa unit will be headed by Mark Wilson, Fonterra's existing managing director of ASEA/Middle East/North Africa, effective from January.

"Mark Wilson is a very experienced global business leader who has grown our Asian business from strength to strength and we know he will do a great job in this expanded new role," Spierings said.

Yesterday, Fonterra said it will open its first official operating office in Delhi, India next year, with Hamish Gowans appointed general manager in India.

Last week the dairy exporter scotched speculation it was among bidders for a controlling stake in India's Tirumala Milk Products.

(BusinessDesk)

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