Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news