Fonterra appoints BHP exec to replace Sir Ralph Norris
Clinton Dines has vast experience in China market.
Former BHP Billiton executive Clinton Dines has been appointed an independent director to Fonterra's [NZX: FCG] board as the world's largest dairy exporter replaces Sir Ralph Norris.
Mr Dines will join Fonterra's board after Sir Ralph steps down at the dairy exporter's annual meeting next month. The incoming director has experience in the cooperative's largest market, China, having worked there for 36 years, 21 of which were spent with the mining giant BHP.
"Mr Dines is well-versed in managing the impacts of global commodity price fluctuations," chairman John Wilson says. "Fourteen years of his time at BHP were in a buyers' market where the prices were low, while the last seven years were in a boom market."
The move comes after shareholders and former directors Colin Armer and Greg Gent called on the dairy exporter at its upcoming annual meeting to trim the size of the board to nine from the current 13.
The cooperative has been cutting its payout to farmers after dairy prices slumped to a six-year low amid increased supply and weak demand.
In a bid to save $103 million annually the company has laid off 750 staff across the business, while also rejigging its senior executive management.
Sir Ralph signalled his retirement from the boards of Fonterra and the Shareholders' Fund manager in May, citing other commitments. Last month Ian Farrelly was appointed to replace Sir Ralph as one of the dairy exporter's representatives on the board of the Shareholders' Fund manager.
Units in the fund, which give holders access to the cooperative's dividend stream, rose 0.6% to $5.38 and have declined 11% since the start of the year.
(BusinessDesk)
Suze Metherell
Fri, 30 Oct 2015
Fri, 30 Oct 2015
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Fonterra appoints BHP exec to replace Sir Ralph Norris
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