What Would Synlait Be Worth to Fonterra or a2 Milk?
Speculation of a possible joint move by Fonterra and a2 Milk to buy Synlait raises a much bigger strategic question, says agribusiness expert Dr Nic Lees.
Dean says Hurrell has done an excellent job in turning the co-op “from heading towards a partial sale to being a strong NZ focused co-op again”.
He says that, ultimately, it’s the board’s job to appoint a new chief executive.
“But having someone who understands the co-op and can be honest and frank about what is going on will lead to the style that farmers have enjoyed from Miles,” Dean told Dairy News.
Dean notes that Hurrell has always been a pleasure to deal with.
“Farmers have been able to frank and free conversations with him at events,” he says.
Fonterra announced that Hurrell will work out his six-month notice and leave the co-op in September.
Chair Peter McBride says that after a 25-year career with Fonterra, including eight years as CEO, Hurrell has decided that the time is right for him to leave the co-op.
Hurrell told journalists that when he took on the CEO’s job, the co-op was facing a tough time.
“And I felt almost an obligation to try and get this thing back on track.
“And, eight years on, I think the team has done a superb job.”
Hurrell says he’s been thinking about his future for a while.
“My wife and I have been chatting for a while about what’s next for me.
“And I think that there’s a sort of a natural juncture here with the sale of our consumer business, that it’s an opportunity for a new leader to come in, take the organisation forward to the next level.
“So, I think the timing’s right for a new leadership, but also right for my family.”
Hurrell says if he was to stay on, it would have been for another two or three years.
“But I think eight years is a decent stint and these roles are all encompassing.
“You know, they literally are 24-hour, seven-day-a-week roles. You’re on the whole time.
“And so, you know, it was either committing for those two or three years - it wasn’t a conversation of committing for another six or 12 months.
“It was going to go beyond that. And as I say, I think now’s the time.”
