fbpx
Print this page
Tuesday, 05 November 2024 12:55

Mixed legacy

Written by  The Hound
Mixed legacy

OPINION: You're never as good as when you're dead, and with due respect to Theo Spierings' family, the Hound can't let the death of the former Fonterra CEO pass without mentioning the parlous state he left Fonterra in when he exited in 2018 - having pocketed well north of $30 million over seven years.

To be fair, about the same time he resigned, advisory firm TDB had calculated that the 'mega merger' that formed Fonterra delivered dairy farmers less than 2.5% annual compound growth in revenue - well short of the 15% industry leaders had pitched to cockies pre-2001.

However, when Spierings departed, with nary a word, but with full pockets, the co-op faced a 20% drop in share value and a $196m loss for 2018, plus a forecast loss for 2019 that turned out to be a massive $605m loss.

More like this

Fonterra's Whareroa Wins Directors Award

Fonterra's Whareroa Wins Directors Award

Fonterra's Whareroa site took home the prestigious Directors Award at the co-op's 'Oscars of Manufacturing', while Clandeboye led the way with multiple wins at this year's Best Site Cup.

Smith V Fonterra

OPINION: To a chorus of crying greenies, and not a minute too soon, the Government has moved to put the courts back in their place through proposed amendments to the Climate Change Response Act 2002, intending to limit climate litigation claims such as Smith v Fonterra, in the interests of providing greater certainty for vital industry.

Popular Reads

Featured

Indian PM Set To Make A Fleeting Visit

Indian PM Set To Make A Fleeting Visit

With the New Zealand/India Free Trade Agreement (FTA) dominating political debate here, India Prime Minister Narendra Modi will be visiting New Zealand next week.

National

Machinery & Products