Feds saddened by Armer’s exit

"It was a shock," says Leferink.

"It is sad Colin won't see out his term to November's annual general meeting. I thought Colin would have stuck with it for the next three or so months."

Leferink says Armer's departure means the board is losing some genuine institutional knowledge.

"It seems to be going from a blended board of new blood and older hands, to a board where there will be a number of reasonably fresh directors.

"That's not a criticism of the new directors, but experience needs to be retained in a blended board.

"It is all the more reason why Fonterra needs a deputy chair."