Fonterra chief executive Miles Hurrell resigns
Monday, 16 March 2026
Fonterra chief executive Miles Hurrell has announced his resignation after eight years in which he turned around the once-struggling dairy cooperative, and headed the sale of its consumer brands operation.
In a statement on the NZX sharemarket, Fonterra chair Peter McBride said Hurrell had been with the farmer-owned cooperative for 25 years.
“When he was appointed CEO in 2018, Miles was tasked with leading a reset of the business to turn around Fonterra’s financial performance and rebuild farmers’ trust,” McBride said.
“Under Miles’ leadership the team has done that and more. From day one, Miles was able to unite the team under a single purpose and drive performance right across the business, setting the Co-op up for the future,” he said.
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Hurrell was named acting chief executive in 2018, but landed the role permanently in March 2019 with a base salary of $1.95 million, with additional short and long-term incentive payments.
Six months after his permanent appointment Fonterra announced a $605 million loss, in part due to large write-downs in the value of overseas operations in Brazil and China, which were later sold.
That followed the sale of ice cream maker Tip Top for $380m to multi-national ice cream maker Froneri, which Hurrell called a “bittersweet moment”.
But that sale was dwarfed by the $4.2 billion sale of its Mainland consumer brands business, including Anchor-branded products, to French multi-national dairy giant Lactalis in a deal announced last year.
In Fonterra’s 2024/2025 financial year, Hurrell was paid a base salary of $2.47m, however benefits and performance pay took the total to $6.1m.
Under its current business plan, Fonterra is becoming a more streamlined business focused on global ingredients and food service markets, especially in China.
McBride said Hurrell had overseen a significant strategic reset to take Fonterra back to its core strengths.
“In doing so he has helped lift Fonterra’s financial discipline and built the strong foundations the Co-op has today,” McBride said.
“I know I echo the sentiment of farmers when saying that Miles will leave with sincere thanks for his 25 years of loyalty and best wishes for the future,” he said.
When he was appointed permanent chief executive in March 2019, then chairperson Peter Monaghan said Hurrell had impressed with his leadership and commercial acumen during his time as acting chief executive.
“Miles has been performing well under difficult circumstances. Our performance is not something that will be fixed overnight. It will require the courage to make difficult decisions, be up-front with farmer-owners, unit holders and other stakeholders, and instil a culture of accountability and performance right across the organisation,” Monaghan said.
Above all, Hurrell has shown “backbone”, according to Monaghan.
Hurrell’s job was to re-evaluate Fonterra’s investments, major assets and partnerships, and a full review of the co-operative’s strategy.
In his farewell message, Hurrell said he had been privileged to have led Fonterra.
“When I took the role of CEO, I understood our financial results are not just numbers but the livelihood of thousands of New Zealand farming families. I have always felt a great sense of responsibility to do what’s right for farmers and I believe the Co-op is now in a really good place,” he said.
“While it’s not an easy decision to step away, the time is right for both the Co-op and me personally. Fonterra’s entering the next phase in its strategic implementation, which marks a natural turning point for a new leader to step in while I consider what’s next for me,” he said.
Hurrell may remain with Fonterra for the next six months, as his contract has a six-month notice period, which McBride said would mean there would be an organised leadership transition.
“We are confident we can run a robust selection process and appoint a new CEO in the coming months,” McBride said.