16 Aug 2018

Ongoing ructions at Fonterra

From Nine To Noon, 9:08 am on 16 August 2018
Fonterra CEO Theo Spierings

Fonterra CEO Theo Spierings Photo: RNZ / Dan Cook

There are continuing ructions at the country's largest company, Fonterra, which now has both an acting Chief Executive and a new Chair.

Fonterra's CEO of the last seven years, Theo Spierings, is leaving the business in two weeks, to be replaced by Mike Hurrell in an acting capacity.

John Monaghan became chair last month after the sudden departure of John Wilson for health reasons.

Last Friday, Fonterra dropped its forecast payout and cut the dividend,  having earlier halted trading in its shares.

Kathryn talks with Duncan Coull, chairman of the Shareholders' Council.