Fonterra CFO Andrew Murray Resigns to Take an External Role
Andrew Murray has resigned as chief financial officer of Fonterra Co-operative Group, New Zealand’s largest agricultural enterprise, after accepting an executive appointment outside the dairy processor. He became the co-operative’s chief financial officer in August 2024, following an interim period, and is due to remain in office through the end of the calendar year to support the transfer of responsibilities.
Fonterra’s board and executive committee have begun an international search for his successor. Chief executive Richard Allen credited Murray with contributing to the company’s structural changes, citing strategic clarity, financial discipline and momentum during his tenure. Trading in Fonterra’s farmer-shareholder market was stable after the announcement, with the shares holding at about NZ$5.42.
Murray’s responsibilities extended beyond statutory accounting. He oversaw the group’s transformation programme, global information technology and enterprise procurement. The finance division also advanced enterprise-resource-planning changes intended to digitise workflows and apply more consistent financial controls across Fonterra’s international sales offices.
He directed reviews of internal support functions, including consultations and changes affecting transactional-finance roles at the co-operative’s London Street operations in Hamilton. The administrative restructuring was intended to remove duplicated activities, use shared-service arrangements and improve transaction processing. Fonterra identified reductions in corporate operating costs and the allocation of capital to manufacturing assets as objectives of the changes.
Murray’s departure comes as Fonterra advances the planned divestment of its global consumer operations. He was involved in assessing options for holdings including Mainland Group, Fonterra Oceania and consumer activities in Sri Lanka. The co-operative has said it is redirecting attention towards business-to-business ingredients and foodservice, including dairy-protein fractions, functional lipids and foodservice creams.
Fonterra’s recent cash generation and earnings have supported low leverage and debt gearing within its credit-rating targets, according to the source material. A sale or public listing of the consumer portfolio could provide cash for returns to supplying shareholders and debt repayment. The co-operative has more than 8,000 farmer shareholders, while its suppliers face higher debt-servicing costs, feed inflation and stricter environmental requirements. Allen said management would maintain continuity as Fonterra carries out its current financial plan.
