Revamped Fonterra to be ‘more capital-efficient’
Fonterra chair Peter McBride says the divestment of Mainland Group is their last significant asset sale and signals the end of structural changes.
Lukas Paravicini, the chief operating officer of Fonterra’s consumer & foodservice business, has resigned.
He is set to leave the cooperative in January 2019 as he and his family plan to return to Europe.
Paravacini was reportedly one of the internal candidates for the chief executive’s position after Theo Spierings’ departure in September.
Fonterra’s board picked Miles Hurrell as interim CEO.
Hurrell said that Paravacini first joined the Fonterra management team in 2013 as chief financial officer and then went on to be the chief operating officer for its global consumer & foodservice business.
“During his time, Lukas was instrumental in maintaining the financial strength of the Co-operative, including through some years of low milk prices and challenging global conditions. He spearheaded initiatives such as the cooperative Support Loan and championed Fonterra’s business transformation.”
Hurrell noted that Paravacini had moved seamlessly from Fonterra’s numbers man to leading its global consumer and foodservice businesses.
“The cooperative thanks Lukas for his contribution and wishes him every success in his next venture.”
