Global Search For A Chief Executive Officer.

For Immediate Release
20 December, 2002

The Board of Fonterra Co-operative Group is commencing a global search for a Chief Executive Officer.

This decision is in line with a formal agreement made between the two legacy companies at the time of the dairy industry merger, to establish the calibre of candidates available internationally at the end of Mr Craig Norgate's two year fixed contract.

Mr Norgate has been asked by the Board to take part in the process. Mr Norgate's contract expires next July, triggering the agreement.

Chairman Mr Henry van der Heyden said he and his Board had complete confidence in Mr Norgate.

"However, we are all in agreement that we have a responsibility to identify what the international market has to offer."

Mr van der Heyden said that neither he nor his Chief Executive would be making any further comment on this issue until the process was complete in the middle of next year.

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