Fonterra CEO Miles Hurrell step down following strategic reset and divestments

NEW ZEALAND – Fonterra Chief Executive Officer Miles Hurrell has announced his resignation after 25 years with the co-operative, marking the end of a leadership period defined by restructuring, divestments, and a return to profitability.

Fonterra Chair Peter McBride said Hurrell had been tasked with resetting the business when he took over in 2018, following a period of financial losses and declining farmer confidence. 

Under his leadership, the co-operative transitioned from a loss-making position to a profitable global dairy player, while rebuilding trust with its farmer base.

Hurrell succeeded Theo Spierings, whose tenure focused on international expansion, particularly into China, and on consolidating Fonterra’s operations into a single structure. 

However, that period was also marked by underperforming investments, which increased pressure on the company’s financial performance.

During his time as CEO, Hurrell prioritised simplifying the business and strengthening its balance sheet. 

“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,” said Mr Hurrell.

This included a series of strategic divestments to refocus the co-operative on its core dairy operations. 

Among the key moves were the sale of the Tip Top ice cream brand to Froneri, the exit from joint-venture farms in China, the divestment of its stake in Beingmate, and the sale of its Chilean business Soprole.

Fonterra also exited a joint venture with Nestlé in Brazil and reduced its exposure to non-core international assets. 

One of the most significant recent developments was the sale of its consumer and associated businesses in Oceania and MEA to Lactalis Group, signalling a shift toward a more streamlined, ingredients-focused strategy.

“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,” Hurrell said. 

His departure comes as Fonterra continues to reshape its global footprint, with implications for dairy supply chains across multiple regions, including the Middle East and Africa. 

The company’s strategic shift toward core ingredients and partnerships is expected to influence trade flows, sourcing strategies, and competitive dynamics in international dairy markets.

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