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.
Whineray intends to resign from Fonterra at the end of this financial year on July 31, the co-op has told the
New Zealand Stock Exchange.
Chief executive officer Miles Hurrell says Whineray has indicated he intends to embark on a new career path
and is looking to become more involved in venture capital as an investor and governor.
“I wish him well with this endeavour.”
Hurrell says Whineray joined Fonterra in 2020 and has made a significant contribution during his time with
the business.
“Fraser has set the co-op ambitious goals for decarbonisation and the management of water, and
his enterprise leadership helped shape our new strategy and 2030 targets.
“He will leave our operations business unit in great shape with a longer-term outlook and a sharp focus on
efficiency.
“I thank Fraser for his leadership of a critical part of our business, and for his support to me and the wider
Fonterra management team.”
Whineray is committed to helping with finding a successor and ensuring a smooth handover, Hurrell
says.
Whineray had a long career with power company Mercury NZ before taking the top role at Fonterra. He
joined Mercury in 2008 and became chief executive in 2014. He has also worked at Credit Suisse and Carter
Holt Harvey.
Whineray is no stranger to the dairy industry: he started his career as a graduate of the New Zealand
Dairy Board&'s technical training programme and has previously held roles at Puhoi Valley Cheese.
Whineray holds an MBA from the University of Cambridge, a Post Graduate Diploma in Dairy Science &
Technology from Massey University and a Bachelor of Chemical & Process Engineering from the University of
Canterbury.
