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.
So this old mutt was pleased to hear the council finally baring its teeth in its recent annual report on the performance – or more correctly non-performance – of Fonterra during the past year. Council chair Duncan Coull was brutally frank in his assessment of the mothership, telling farmers that Fonterra’s effort over the last 12 months has been “not good enough and fundamental change is required in thinking and practice to reverse the performance of the business”. Meanwhile, your old mate reckons another former shareholder council chairman – current Fonterra big-cheese John Monaghan – would not have enjoyed his former organisation finally growing a pair and giving the co-op a proper serve for once.
