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.
McBride says taking the chairmanship of Sydney Markets Ltd is an honour.
"I've spent a significant amount of my governance career in agribusiness, particularly large exporters and cooperatives," he says. "I look forward to working alongside shareholders and my fellow directors to bring the transformative change that is required to ensure the continuation of Sydney Markets' legacy."
McBride succeeds John Pearson, who retired in 2023 after serving as chair of SML for almost 19 years.
SML says McBride joins the company with "extensive leadership experience".
As well as chair of Fonterra, he is also a director of Sequal Lumber Ltd, a member of the New Zealand China Council and the Zespri Global Supply Advisory Board.
His previous governance roles include being a director and then chairman of Zespri International - the world's largest marketer of kiwifruit and a director of the New Zealand International Business Forum.
SML says McBride's proven track record of delivering shareholder value and international agribusiness experience make him an ideal leader for its next phase of growth.
SML is a "one-stop-shop" with produce, packaging, exporters, providores, food processors, warehouses, unloading services, cafés and agricultural supplies all on site.
SML's three businesses, Sydney Produce Market, Sydney Flower Market and Sydney Growers Market, comprise more than 700 businesses that sell fresh fruit, vegetables and cut flowers supplied by over 20,000 local and interstate growers.
Sydney Produce Market is the largest fresh fruit and vegetable wholesale market in Australia and one of the largest in the world, catering to professional buyers from supermarkets, restaurants, greengrocers, exporters and food processors.
