Fonterra names Richard Allen as new CEO, replacing Miles Hurrell

Fonterra has appointed its current president of global ingredients, Richard Allen, as its next chief executive to replace the outgoing Miles Hurrell.

Chair Peter McBride said Allen was an exceptional leader who would bring to the CEO role a strong connection with farmer shareholders and customers and a deep knowledge of Fonterra’s global operations and markets.

“The board is really pleased to announce Richard as Fonterra’s next CEO, who will lead the co-op into the next phase of its strategic implementation.”

As president of global ingredients, Allen was responsible for Fonterra’s ingredients sales, optimisation, risk management, trading and global manufacturing.

He joined Fonterra as a graduate in 2008 and since then his career has spanned Fonterra’s global supply chain.

Allen led Fonterra’s farmer-facing business Farm Source for five years, has worked in China as vice-president of Fonterra’s Foodservice business, was the founding CEO of MyMilk, and more recently served as president Atlantic, based in Chicago, responsible for relationships with a number of the co-op’s global key accounts.

“I’ve built my career with Fonterra and understand the important role the co-op plays both for farmers here in New Zealand and our customers around the world,” Allen said.

“I’m committed to maintaining the momentum in our performance, focused delivery of strategy and financial discipline that has been developed over recent years.

“Fonterra has a strong platform to build from and I’m excited by our prospects as we move forward as a New Zealand farmer-owned global B2B dairy provider.”

The appointment is effective from May 1.

Hurrell will stay with Fonterra in an advisory role until September 2026 to assist with the leadership transition, the co-op said.

In 2024, Allen was named as Young Executive of the Year in the Deloitte Top 200 Awards.

The award recognises young leaders who exemplify innovation, resilience and forward-thinking, with this year’s winner described as a “standout individual who is prepared to go beyond perceived limitations to strive for personal and organisational excellence”.

Allen is also a co-founder and director of New Zealand’s first private equity online investment platform, Snowfall Effect, which has raised over $200 million since its inception in 2014.

The platform covers private equity, venture capital, and alternative assets, and is aimed at making private markets more accessible to professional and wholesale investors.

Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.

• Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.