Fonterra has announced that its Chief Financial Officer (CFO), Marc Rivers, will be saying goodbye to the co-operative at the end of 2022 following its Annual Meeting.
Rivers became a part of Fonterra in 2018 and has assumed a vital role in resettling the co-operative’s financial health.
“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,” said Chief Executive Officer Miles Hurrell. “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.”
Hurrell is thoroughly grateful for Rivers’ contribution to the company and wishes all the best in his future endeavours.
“I would like to thank Marc for his contribution to Fonterra and for his counsel and advice to me, the Fonterra Management Team, and our Board.”
Rivers will be staying until the Annual Meeting at the end of the year to help Hurrell find a successor to follow in his footsteps and ensure a seamless transition and handover.
Rivers felt privileged working with Fonterra over the years.
“I’ve learned a lot and also had the opportunity to be a meaningful part of the lives of many people across our Co-op,” said Rivers. “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.”
Fonterra will be on the search for a new CFO soon.