Survey shows most Fonterra farmers plan to use capital return for debt reduction
A large slice of the $3.2 billion proposed capital return for Fonterra farmer shareholders could end up with the banks.
Waugh, a former National Foods chief executive, was elected by farmers this week; he replaces Taranaki's Blue Read, who failed in his re-election bid.
Waugh told Dairy News online that he was happy with the result.
"I put in a lot of effort in running my campaign and talking and listening to farmers," he says.
Waugh says his first aim was to get on the board.
"I have achieved that and the second aim is to quickly assimilate and become a productive member of the board."
Waugh farms in Te Awamutu, outside Hamilton.
