Van der Heyden’s reign as Fonterra’s white knight to end

His departure will mark the end of an era for Fonterra. The co-op last month appointed a new chief executive Theo Spierings to replace Andrew Ferrier, who led the co-op for eight years.

Van der Heyden says the board has been discussing leadership issues for the past two to three years.

"We felt it was appropriate for me to step down in 2012," he told the co-op's annual meeting in Whangarei last week.

Van der Heyden assured shareholders he will not take his mind off the job during the next 12 months. He noted that Ferrier left the co-op on a high note after announcing a record financial result.

"I know we are $1.50/kgMS behind last year right now, I will be putting pressure on management so that we can deliver a similar result."

Van der Heyden is the third director exiting Fonterra's board during the next 12 months. His three-year term expires at the 2012 meeting.

Greg Gent retired at the annual meeting last week. He was replaced by David MacLeod, Taranaki. Independent director John Ballard will leave in May. He will be replaced by outgoing Commonwealth Bank chief executive Ralph Norris.

Van der Heyden says Norris is available to take up the post in May

and Ballard has accepted a board request to stay

on for another six

months.

He paid tribute to Ballard who joined the board in 2006.

"He brought a valued global perspective and insights into consumer businesses based on his extensive corporate experience in Australia."

Van der Heyden says securing Norris' services was great for the co-op.

"Ralph is an outstanding New Zealander with a superb international track record at the highest levels of business."