Fonterra CEO Miles Hurrell steps down

NEW ZEALAND – Fonterra Co-operative Group Ltd has announced the resignation of Chief Executive Officer Miles Hurrell after 25 years.

Peter McBride, Chair of Fonterra, said that Hurrell’s career with the co-operative spanned 25 years.

“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust.

Since his appointment as CEO in 2018, Miles Hurrell has led Fonterra from a loss-making business to a profitable global dairy player.

Hurrell took over the reins from Theo Spierings, who oversaw Fonterra’s expansion into China and consolidated the co-op’s operational structure from four separate divisions into a single umbrella group.

Spierings’ exit came after mounting pressure from failed investments and financial losses.

 Mr Hurrell, said, “When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families. I have always felt a great sense of responsibility to do what’s right for farmers and I believe the Co-op is now in a really good place.

“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra is entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me.“

Over his eight years as CEO, Hurrell focused on simplifying Fonterra’s structure through strategic divestments.

This included divesting New Zealand ice cream brand Tip Top to Froneri, selling its stake in pharmaceutical company DFE, selling its joint-venture farms in China and its stake in infant formula maker Beingmate, exiting a joint venture with Nestlé in Brazil, and divesting its Chile business, Soprole.

The most notable strategic change in Hurrell’s time was the recently-completed sale of Fonterra’s consumer and associated businesses in Oceania and MEA to Lactalis Group.

Fonterra reports US$161M profit in FY26 Q1

The company reported a Group profit after tax of US$161 million ($278 million) in its FY26 Q1 business update.

Former CEO Miles Hurrell said Fonterra’s Total Group earnings for Q1 are in line with this time last year, noting the higher global commodity prices in the period compared to the previous season. 

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