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.
Gent says New Zealand is not Fonterra's key market and it has to shine in the international markets.
"We are only 10% of Nestle," he told Dairy News. "Out there in the international market, we are competing with the big boys. And we have to remain a major global player."
Gent – who along with chairman Henry van der Heyden – joined the Fonterra board at its inception 10 years ago, says it was time to step down.
"Ten years is a long time," he says.
Gent spent 18 years as a dairy company director – including chairman of Northland Dairy and then chairman of Kiwi Dairy after it merged with Northland.
Van der Heyden says Gent is "one of the best farmer directors" he has served with.
"Greg's understanding of the global dairy business is very good. He also always put the dairy industry and Fonterra before his interests. This is always easier said than done."
Gent received a standing ovation from Fonterra shareholders at its annual meeting in Whangarei last week.
