Fonterra management moves for divestment
Mike Cronin, managing director of co-operative affairs
Fonterra Co-operative Group announced changes to its management team to support the next phase of its strategic delivery. The managing director of co-operative affairs, Mike Cronin, has been leading the potential consumer divestment process and will dedicate his focus to this critical project full time.
Former Fonterra alumni Matt Bolger will return to the co-op and step into the managing director co-operative affairs position from March 2025.
CEO Miles Hurrell says, “Exploring options for the potential divestment of our consumer businesses is one of the most important projects Fonterra has undertaken and has the potential to unlock significant value for our farmer shareholders and unit holders.
“As we progress this work, Mike will step away from the managing director co-operative affairs role to dedicate his time to the potential divestment. He will remain a key member of the Fonterra management team.
“Mike is a highly respected leader and industry figure, holding the MD role since 2014. I personally value his trusted advice and strategic leadership. He will remain with the co-op until the potential divestment process is concluded.”
Bolger spent more than 18 years with Fonterra in a variety of roles, including as general manager for capital strategy and director of farmer services, as well as time leading global sales teams offshore. He stepped into his current position as pro vice chancellor of The University of Waikato Management School in 2020 and is the current chairman of the Dairy Companies Association of New Zealand (DCANZ).
“As MD for co-operative affairs, Matt will be responsible for functions including farm source, global stakeholder affairs and trade, governance, risk and audit, corporate communications, legal and Māori strategy,” Hurrell adds.