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Leaving the co-op Fonterra’s chief finance officer calls it a day
Fonterra chief financial officer Marc Rivers and chief executive Miles Hurrell. Hurrell said Rivers has played a critical role in resetting the financial health of Fonterra.
Fonterra CFO stepping down
Fonterra chief financial officer Marc Rivers has announced he will be leaving the co-operative at the end of 2022 following its annual meeting.
Rivers has been the co-operative’s chief financial officer since 2018 and said his time with Fonterra was a privilege.
“I’ve learned a lot and also had the opportunity to be a meaningful part of the lives of many people across our coop,” Rivers said.
“We have worked together to rebuild the health and wellbeing of Fonterra and I look forward to seeing the goodness the co-op creates over the coming years.”
Chief executive officer Miles Hurrell said Rivers has played a critical role in resetting the financial health of Fonterra.
“It’s been clear from day one that Marc felt a great sense of responsibility to our farmer owners, unitholders and also New Zealand’s economy,” Hurrell said.
“Our balance sheet is now in a strong position. We have a long-term strategy with clear targets out to 2030 and our farmer owners have given the green light on our flexible shareholding capital structure. Marc has been instrumental in all of these areas.
“We are moving from reset to a new phase of creating value, and Marc has decided that this is a natural point in time for a move.”
Rivers will stay until Fonterra’s Annual Meeting at the end of the year, which will also allow for him to help the cooperative find a successor, ensuring a smooth transition and handover.
A search for a new chief financial officer will begin shortly. n
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