Fonterra director Ian Farrelly replaces Ralph Norris on shareholders' fund board
By Paul McBeth
Sept. 23 (BusinessDesk) - Fonterra Cooperative Group director Ian Farrelly will replace Ralph Norris as one of the dairy exporter's representatives on the board of the Fonterra Shareholders' Fund manager.
Farrelly will join the board of the fund's manager at the close of its annual meeting on Nov.27 when Norris retires, Fonterra said in a statement. Farrelly has been on the board of Fonterra since 2007, having clocked up a 20-year career in banking including 15 years as head of ASB Bank's rural division. He operates a 400-hectare calf rearing farm in Te Awamutu and has dairy farm interests in Canterbury and Waikato.
Norris, a former Commonwealth Bank of Australia boss, signalled his retirement from the boards of Fonterra and the fund in May, citing other commitments. Fonterra is scheduled to report its annual results tomorrow.
Units in the fund, which give investors exposure to Fonterra's earnings, rose 0.8 percent to $5.24, and have declined 13 percent this year.