Source: Radio New Zealand
Winston Peters. RNZ / Samuel Rillstone
New Zealand First leader Winston Peters has weighed in on the resignation of the Fonterra CEO, saying his departure was expected after the sale of “iconic Kiwi dairy brands” to a foreign owned company.
“CEO Miles Hurrell has resigned and will leave once his bonuses are paid,” Peters said on social media.
“We said this exact thing would happen in our open letter to farmers last year – he of course denied it.”
Hurrell announced on Monday he was leaving the dairy co-op after 25 years, saying it was not an easy decision to step away, but the time was right for the co-op and him personally.
Hurrell said Fonterra was entering the next phase in its strategic implementation, which marked a natural turning point for a new leader to step in.
Fonterra’s interim chief executive Miles Hurrell discussing the annual results. RNZ / Dan Cook
The co-op’s sale of its consumer brands to French dairy giant Lactalis went unconditional earlier this month.
Peters said Hurrell had “sold off” almost every consumer brand since he started, “leaving Fonterra as a commodity price taker, not a market maker”.
“Their decision leaves serious questions for New Zealand about what we must do to protect dairy manufacturing in our country as a result of Fonterra’s dereliction of duty.”
Peters said the last time a Fonterra CEO resigned, Theo Spierings in 2018, he was paid out a “ridiculous” $4.67 million after being paid a total of $43m in just seven years in the role.
Peters questioned how much Hurrell would be “paid out”.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
