At last, some positive news from Fonterra.

Fonterra's board has established the WPC80 Inquiry Committee, and charged them to oversee an independent review into the circumstances giving rise to the affected whey protein concentrate (WPC80) and subsequent chain of events.

Fonterra welcomes the New Zealand Government's confirmation that the quality issue involving whey protein concentrate is confined to the products made from three batches of WPC80 and no other New Zealand dairy products are affected.

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FONTERRA HAS appointed two new members to its executive management team.

Fonterra is in damage control as its export markets react to potentially contaminated whey protein concentrate ending up in infant formula and other dairy products.

Fonterra will this morning release more details of a food scare involving three batches of whey protein concentrate manufactured in New Zealand last year.

Fonterra is lowering its 2013 earnings before interests and taxes (EBIT), blaming the drought and its struggling Australian business.

Fonterra has appointed Lukas Paravicini as chief financial officer, succeeding Jonathan Mason who retires at the end of September.

Fonterra has completed consulting with staff and will cut 300 roles first identified when a review of Support Services began in May.