Andrew Murray resigns as Fonterra’s CFO

NEW ZEALAND – Fonterra Co-operative Group Ltd has announced that Chief Financial Officer Andrew Murray has resigned to take up a role outside Fonterra.

Andrew joined the Co-op as Commercial Director of Fonterra’s Global Markets business in 2023, before becoming Fonterra’s Chief Financial Officer in 2024.

Since then, he has helped oversee the divestment of Mainland Group, Fonterra’s enterprise resource planning transformation, and a number of other key initiatives that position the Co-op for the future.

CEO Richard Allen said, “I would like to thank Andrew for his contribution and leadership. He has brought clarity, discipline and momentum to important changes the Co-op has undertaken. At the same time, he has strengthened our finance capability and built a highly capable team. We wish him success in his new role.”

Fonterra reports revenue of US$15.3B in FY26

The company reported US$15.33 billion in revenue and nearly US$11.35 billion (NZD$20 billion) in cash returns to New Zealand farmer owners and unit holders in its FY26 annual results.

Total Group operating profit was US$1.93 billion (NZD$3.4 billion), up 97.6% on the prior year, including a US$681.1 million Mainland divestment benefit, while Profit after tax was US$1.48 billion (NZD$2.6 billion), up 142%.

The final Farmgate Milk Price for the 2025/26 season was $9.69 per kgMS. The Co-op also declared a final fully imputed dividend of 33 cents per share, bringing fully imputed total dividends for the year to 73 cents per share.

Fonterra Chairman Peter McBride said the Co-operative has continued building momentum and delivered at the top end of its performance expectations. 

Fonterra CEO Richard Allen said the Co-operative’s disciplined approach to strategic execution has once again generated strong results.  

He said Fonterra’s strategy to create value for farmers through disciplined capital choices, operational efficiencies, innovation and a customer focus is delivering results and will continue to guide its new era as a B2B Co-op.

Looking ahead, the company is planning for another season of strong milk supply. However, they are also well prepared for an El Niño weather pattern should it eventuate.

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