The word is out that Theo Speirings , CEO of the world’s biggest dairy co-operative Fonterra of New Zealand will step down from office later this year, reports foreign media.
Speirings had been at the helm of the world’s largest dairy exporting company for nearly seven years. It bears recall that the dairy major suffered a loss of $250 million after tax in the first half results ending 31 January.
Fonterra Chairman John Wilson said “Theo has delivered extraordinary value, and the decision was not a reaction to the cooperative’s performance and Mr Spierings would continue in the role until a new chief executive was appointed.
Mr Wilson announced Fonterra’s first half results on the same day, showing hefty losses.