Fonterra Chairman announces stand-down

Fonterra Chairman Sir Henry van der Heyden has announced that he intended to stand down as Chairman of the Board at the Co-operative's next Annual Meeting in 2012.

He made the announcement at Fonterra's 2011 Annual Meeting in Whangarei on Thursday.

Sir Henry said the board put a process in place some two years ago to appoint a new CEO and identify the next chairman.

"I stood for another term because it was important we had stability through the transition to a new CEO," said Sir Henry.

"That has gone very smoothly and a year from now our new CEO, Theo Spierings, will be into his second year.

"Then it will be time for a new chairman."

Sir Henry said the process to identify Fonterra's next chairman was being run by the board.  The objective was a smooth transition.

Sir Henry said he would not be commenting further on the Co-operative's transition plans.  "We have a big year ahead of us and it will be business as usual as far as I'm concerned."

Sir Henry has been on the Board of Fonterra since its formation 10 years ago.  He has been the Co-operative's Chairman since 2002.