Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
A statement issued by The Purpose Factory, a Dutch-based foundation and consultancy focused on global sustainable development goals and business transformation and innovation, says Spierings died “unexpectedly” after a brief illness.
Spierings was a co-founder and chairman of The Purpose Factory.
The statement says Spierings had more than 30 years’ experience in the dairy industry – including leading Fonterra for nearly seven years. He became Fonterra CEO in 2011, replacing Andrew Ferrier and beating internal candidates for the job.
He previously led Dutch dairy cooperative Royal Friesland Foods in its 2008 merger with Campina.
Prior to his departure from Fonterra, Spierings caused controversy when it was revealed he was one of the highest-paid executives in the country, pulling in $8.32m in 2017.
The Purpose Factory statement says his legacy, and the impact he had on those he worked with and who knew him, will be remembered fondly.
“At this difficult time, Theo’s family has requested privacy. They appreciate the outpouring of love and support from around the world during this sad time. A private memorial service will be held in the Netherlands.”
