Fonterra’s chairman John Monaghan has announced his retirement. Monaghan will leave the New Zealand dairy cooperative at its Annual Meeting this November.
“After 11 years as a director, and having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and for the co-op,” Monaghan said.
Fonterra expects to announce a chair-elect no later than August. “The Board is committed to a planned chair succession that provides Miles [Hurrell – Fonterra’s chief executive] and his senior management team with the governance stability and confidence they need to maintain the co-op’s momentum,” Monaghan explained.
Under Fonterra’s constitution, its chair must be selected from its pool of seven elected farmer directors on the Board. Its independent directors are not eligible for consideration.