Ferrier at Fonterra stepping down

Fonterra’s CEO Andrew Ferrier intends to step down from his role in the second half of this year, according to chairman Sir Henry van der Heyden. Van der Hayden says Ferrier had indicated some time ago that he wanted to move on by the end of 2011.
“As a result, Fonterra and the Board are well prepared for a smooth transition to a new CEO,” he says. “Andrew has devoted eight years to building Fonterra into a highly successful co-operative delivering great results for its farmer shareholders and New Zealand. In 2003 Andrew inherited nearly 20,000 people that made up Fonterra and has single-mindedly moulded them into a world-class team, working to a clear strategy and with a real sense of purpose. Fonterra has never been in better shape, and that is a credit to Andrew’s leadership.
“He has always wanted a planned and orderly transition to a new leader and we are particularly grateful for the flexibility he has shown the board.”
Van der Hayden says the board will be considering internal and external candidates. The assessment and development of internal candidates had commenced nearly two years ago and an international search was put in place at the end of last year. “It is possible that we will have identified a suitable candidate by the second half of this year but Andrew is committed to continuing in his role until we have found the right person,” he notes.
Ferrier says that, with Fonterra in good shape, it provided the right opportunity for the transition. He intends to continue living in New Zealand after he leaves Fonterra, but wants the flexibility to spend a little more time with family, including in his homeland Canada. “I am looking forward to more flexibility in my life, spending more time with my family, and choosing from a number of business interests that are available to me,” he notes.