fbpx
Print this page
Tuesday, 10 September 2019 08:55

No more cream at Fonterra

Written by  Staff Reporters
Fonterra chief executive Miles Hurrell. Fonterra chief executive Miles Hurrell.

Fonterra chief executive Miles Hurrell has told co-op employees that more work is needed to turn the business around.

“We are making good progress on our plan to turn our business around: we’re not there yet,” he said in an email to staff last week.

“Some tough calls are still needed to put us on the right path.”

Fonterra employees won’t be paid bonuses for the 2018-19 year. No salaried staff earning over $100,000 will get a pay rise in 2019-20.

A remuneration review will still occur for salaried employees earning under $100,000. Waged employees who are part of a collective agreement aren’t impacted.

Hurrell says this has been a tough call, but it’s also the right one. 

“Together as a cooperative we must do what’s right, working together to reset our business and get us back to a position where we can be proud of our financial performance.”

He thanked staff for their hard work in helping lift performance and reset the business.

More like this

"Our" business?

OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.

Farmers' call

OPINION: Fonterra's $4.22 billion consumer business sale to Lactalis is ruffling a few feathers outside the dairy industry.

Wasted energy

OPINION: Finance Minister Nicola Willis could have saved her staff and MBIE time and effort over ‘buttergate’ recently by not playing politics with butter prices in the first place.

Featured

Rural contractors call for overhaul of ag vehicle rules

Following a recent overweight incursion that saw a Mid-Canterbury contractor cop a $12,150 fine, the rural contracting industry is calling time on what they consider to be outdated and unworkable regulations regarding weight and dimensions that they say are impeding their businesses.

NZ seeks certainty on US tariff, says McClay

Trade Minister Todd McClay says his officials plan to meet their US counterparts every month from now on to better understand how the 15% tariff issue there will play out, and try and get some certainty there for our exporters about the future.

National

Machinery & Products