The head of New Zealand’s largest company has confirmed his resignation but is yet to name a date of departure
The head of New Zealand’s largest company has confirmed his resignation today but has so far failed to provide an exact date of departure.
Fonterra CEO Theo Spierings will step down later this year but said the decision is unrelated to the dairy giant’s recently-posted loss of $348 million.
“It’s normal succession and evolution of the company,” he said, explaining that he is looking forward to focusing on a "better world but not a bigger job.”
Board chairman John Wilson praised Spierings for his "extraordinary" contribution to the cooperative and said Fonterra had begun its search for a successor in November last year – the company is currently shortlisting candidates.
"It is not yet clear exactly when any appointment for Theo's replacement will be made, but it is absolutely clear that Theo will continue in the meantime to drive the co-operative's strategy and business, with special emphasis on China,” he said.
Spierings was the highest-earning CEO of any listed company in New Zealand, attracting criticism after it was revealed he had taken an $8.31 million pay cheque in 2017.
His pay included a base salary of $2.463m, benefits of $170,036 and incentives totalling $5.688m, according to Fonterra’s most recent annual report.
