CEO Miles Hurrell is leaving Fonterra after eight years.

"Although it is not an easy decision to leave, the time is right for it, both for the cooperative and for me personally," the executive said in a press statement. "Fonterra is entering the next phase of its strategy implementation, which is a natural turning point for a new leader to take over." Hurrell says he is still considering the next step in his career.

"When Miles was appointed CEO in 2018, he was tasked with reshaping the company, improving Fonterra's financial performance, and restoring farmers' confidence. Under Miles' leadership, the team has achieved that, and more," says the cooperative's chairman Peter McBride in a press statement. "He led a sweeping strategic reorientation aimed at bringing the cooperative back to its core competencies. In doing so, he contributed to Fonterra's financial discipline and laid the strong foundations upon which the cooperative rests today."

Fonterra sold the consumer division to Lactalis last yearBy this, she entered a new phase, in which activities have been simplified and the cooperative focuses more on B2B markets.   

Miles has a six-month notice period. The dairy processor is now looking for a new CEO and expects to be able to appoint one in the coming months.