New Zealand’s largest company Fonterra is on the hunt for a new boss after chief executive Theo Spierings resigned today amid a dire profit loss for the dairy giant over the past year.
Spierings will leave New Zealand’s largest company later this year amid a huge profit loss of $348 million for the 2018 financial year.
Source: 1 NEWS
Fonterra today released a statement that the company Board and its CEO Theo Spierings have agreed that Mr Spierings will leave his role later this year after seven years in the job.
It comes as the company announced a first half loss of $348 million due largely to a $400 million dollar write down on its investment in Beingmate, a Chinese infant formula company.
The company announced today it had taken a 36 per cent hit to its normalised profit and made a first-half net loss on the 2018 financial year.
Chief executive Theo Spierings is quitting after nearly seven years in the job.
Source: 1 NEWS
Mr Spierings admitted that after seven years it was a little awkard going in light of the news.
However, Fonterra Chairman John Wilson noted Mr Spierings’ departure did not relate to the Beingmate losses.
Mr Spierings said today the usual CEO tenure is around five to seven years.
He also signalled that the Fonterra of the future may need a different type of CEO better suited to new technologies.
In a separate written statement release today, Mr Wilson said the Board was taking the decision to bring forward the announcement of Mr Spierings’ resignation, he claims they would make in April, to avoid speculation.
“It is not yet clear exactly when any appointment for Theo’s replacement will be made, but it is absolutely clear that Theo will continue in the meantime to drive the Co-operative’s strategy and business, with special emphasis on China,” Mr Wilson said.
Mr Spierings also said in the statement he was looking forward to new challenges.
“It is now time for a new CEO who can lead the Co-operative through this next phase. The time is right for the Co-operative and that is important to me and to the Board,” Mr Spierings said.
“It is also the right time for me personally. I look forward to new challenges, but right now my focus is on Fonterra. That will be the case until I finish with the Co-operative.”