Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
Jackson joined the board in 2007, chairing its audit and finance committee for 10 years; recently he served as chairman of the milk price panel and is also chairman of the nominations committee.
Fonterra chairman John Wilson says chartered accountant Bruce Hassall will replace Jackson at the co-op’s annual meeting on November 2.
Wilson paid tribute to Jackson’s contribution to Fonterra.
“David has been an outstanding director of our cooperative and has made an invaluable contribution by combining his commitment to the highest standards of financial reporting with his strong personal values and leadership.
“He has brought wide experience and sound judgment to the board as we worked through critical milestones in the development of our cooperative.
“We are grateful for his hard work and the energy and commitment he brought to everything he did for Fonterra.”
Jackson says he enjoyed his time “being part of the cooperative’s evolution into the global business it is today”.
“I am proud to have served as an independent director of the cooperative which, uniquely for New Zealand, is both a key entity in the national economy and in the global dairy market. I firmly believe the cooperative has the right strategy and people to deliver the best possible returns for its farmers today and in the future.
“The commitment of its farmers and staff to adapt to technology and innovation makes it an exciting organisation to be a part of. I will watch its continued evolution with keen interest, while devoting more time to my other personal interests.”
Hassall will take over as chairman of the audit and finance committee once his appointment is ratified by shareholders.
Hassall had a 35-year career at PricewaterhouseCoopers (PwC), becoming chief executive of the NZ firm in 2009, retiring in 2016.
He has extensive experience in financial reporting, information system processes, business acquisitions, capital raising and IPOs of public and private companies. He has specialist industry knowledge of retail, agri-business, distribution and logistics, energy and manufacturing, here and overseas.
Hassall has been a director of Fletcher Building, Farmers Trading Company (James Pascoe), Prolife Foods, BNZ and the University of Auckland Business School advisory board. He was a founding board member of the NZ China Council.
Wilson says Hassall developed governance experience advising large NZ companies and cooperatives, working in corporate governance, auditing, financial reporting and internal controls.
Interim finance chief
Fonterra has appointed an interim chief financial officer while it looks for a permanent appointee.
Paul Washer has been appointed acting chief financial officer from August 1 to January 31, 2018.
Washer will then become vice president commercial for greater China.
Fonterra chief financial officer Lukas Paravacini has moved into his new role as chief operating officer global consumer and foodservice.
Fonterra chief executive Theo Spierings says Washer brings much expertise in his interim CFO capacity.
“Paul has provided sound counsel and become a trusted leader in our business during his 15 years with Fonterra.
“His strong relationships with the board, management team and the shareholders council will be an asset for us as we continue appointing executives.”
