Fonterra is to part ways with chief executive Theo Spierings after the world’s biggest dairy exporter slumped to a NZ$348m first-half loss due to problems at its Chinese partner.
The New Zealand conglomerate said on Wednesday that Mr Spierings would step down before the end of the year. His departure follows criticism of governance at Fonterra by some of its 10,500 farmer shareholders, who have become increasingly concerned about the poor performance of Beingmate, a Shenzhen-listed infant formula maker.
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By Jamie Smyth and Tom Hancock
Source: Financial Times
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