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NEW CEO FOR FONTERRA

Mr Andrew Ferrier, a Canadian executive out of the sugar industry has been appointed as the new Chief Executive Officer of Fonterra Co-operative Group.

The Chairman, Mr Henry van der Heyden said Mr Ferrier would take up his appointment in September. The inaugural CEO, Mr Craig Norgate would leave the company at the end of his contract in July and the Chief Operating Officer, Mr Jay Waldvogel would become Acting CEO in the interim.

Mr van der Heyden said Mr Ferrier was very experienced in the commodity business and in international trade.

Currently employed in Toronto in a publicly listed company selling branded consumer products, Mr Ferrier previously spent 16 years in the sugar industry working in Canada, the United States, the United Kingdom and Mexico. This experience culminated in his becoming President and Chief Executive Officer of Tate & Lyle North America Sugars Inc, a large division of Tate & Lyle PLC. Tate & Lyle is a UK public multinational with sales of NZ$9 billion.

Mr van der Heyden said that the Board was confident that it had found a successor for Craig Norgate who was well equipped to lead Fonterra through the next phase of its development.

"Andrew has outstanding leadership credentials that have been recognised and acclaimed by all his previous employers," Mr van der Heyden said. "He also has a great record in growing shareholder wealth.

"No one is better placed than me to appreciate the huge demands of leading Fonterra and Craig Norgate has done a great job in steering Fonterra through its first two years, an enormous challenge when three companies, all with strong and distinct cultures, had to be brought together and a new course charted," he said.

"Craig is passionate about our industry and has devoted tireless energy to his role. All dairy farmers owe our inaugural CEO a big vote of thanks."?

Mr van der Heyden said the Board was making this change because it believed it was time for new leadership and an international executive of Mr Ferrier's calibre would bring fresh and invigorating perspectives to the business.?

"Fonterra is a significant player in global business and our success will be dependent on how we foot it in international markets," he said. "Attracting top people from around the world will be fundamental to our future."?

Mr Ferrier is aged 44 years and is married with three children. He was selected from two short-listed international candidates.




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