New Zealand dairy major Fonterra has had to reshuffle its board, with director Michael Spaans stepping down, effective today, due to ill health.
Mr Spaans’ role will be filled by recently retired Fonterra director Ian Farrelly, who served on the company board for nine years.
Fonterra chairman John Wilson said Mr Farrelly would fill a casual vacancy for the role, as per the company constitution, and would continuie to do so until the 2017 Annual Meeting.
“Ian is a highly qualified director with very recent and valued experience on the Board,” Mr Wilson said.
“We are very grateful that he has agreed to continue his contribution to Fonterra.”
Mr Wilson commended Michael Spaans’for his “tireless contribution to the New Zealand dairy industry” both inside and outside the Fonterra boardroom.
“Michael, a dairy farmer, came up through the ranks, spending time on the New Zealand Dairy Group Shareholder Council and then the Fonterra Shareholders’ Council before building his governance experience outside the industry,” Mr Wilson said.
“As a result, his insights and experience are invaluable, particularly on Fonterra’s Milk Price Panel, Audit and Finance Committee and the Co-operative Relations Committee.”
A statement from the company said that Mr Spaans should again consider standing for the Fonterra Board, once he is given a clean bill of health.
Fonterra manufactures well-known dairy brands such as Bega and Mainland cheese, and Western Star butter.