Change of directors on Fonterra board

 Chairman John Wilson says the board welcomes Israel, who has exceptional governance, consumer and wider Asian business experience.

"Simon is based in Singapore and has worked in Asia for many years," says Wilson. "He has significant business credentials in Asia and in consumer and investment businesses. He will bring to the board invaluable knowledge and insights as Fonterra pursues its business strategy, particularly with its emphasis on emerging markets."

Israel is chairman of Singapore Telecommunications and a director of Capitaland, one of Asia's largest real estate companies with core markets in Singapore and China.

He was an executive director at Temasek Holdings for six years, and from 2010-2011 was executive director and president.

He has previously been involved with some of the best known fast moving consumer goods companies as an executive or board director, including 10 years with French dairy company Group Danone where he led building their business across the Asia region, especially in China.

The board of the manager of the Shareholders' Fund supports Israel's appointment.

Commenting on Waters stepping down, Wilson says: "During his six and half years on the Fonterra Board, Ralph made a very significant contribution to the cooperative.

"Ralph had agreed to remain on the Fonterra Board through the implementation of Trading Among Farmers to ensure stability, despite his other significant commitments, and we owe him a debt of gratitude for that," Wilson says.

"His vast experience as both a chief executive and director meant he brought valuable experience and knowledge to our board. Ralph is a very clear thinking commercial director who developed a strong affinity for our cooperative.

"The board greatly valued his contribution and will miss his experience and commitment."
Waters will be stepping down immediately, with Israel to join the board from May 1.