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Fonterra has announced that its chief executive officer, Miles Hurrell, will step down after eight years in the role and a 25-year career with the dairy co-operative.

Chair Peter McBride said Hurrell decided the time was right to leave the company, having overseen a turnaround in the co-operative’s financial performance and a strategic refocus on its core dairy operations.

Hurrell was appointed CEO in 2018 with a mandate to improve financial discipline and rebuild trust with the co-operative’s farmer shareholders. According to McBride, the leadership team has since strengthened performance and positioned the business for its next phase of strategy.

Hurrell said the role had been “an incredible privilege,” noting that the co-operative’s financial results directly affect thousands of New Zealand farming families.

He said stepping down now would allow a new leader to guide the company through the next stage of its strategy.

Hurrell will remain in the position during a six-month notice period to support the transition. The board has begun a succession process to appoint a new CEO in the coming months.