Fonterra has lost its third senior executive in less than six months with the departure of group director for strategy Graham Stuart, who leaves to head up New Zealand's largest fishing company Sealord.
Stuart's departure follows that of Fonterra Brands boss Sanjay Khosla, who joined rival dairy companyKraft in January, and managing director of Fonterra GlobalTrade, John Shaskey, who announced last month that he was leaving.
Stuart said yesterday that he was leaving Fonterra on good terms and with the company in good shape.
The time had come to make the step to chief executive level, he said.
It was a move he had been considering for some time.
With respect to the other senior departures this year it was unfortunate but entirely coincidental.
"The business is in great shape and I feel very proud of where Fonterra is and the part that I've played in getting there," he said. "If you look at the momentum it now has this is probably the best time in the past seven years to leave."
Fonterra chief executive Andrew Ferrier said he disappointed to be losing Stuart but he understood that this was an excellent career opportunity for him.
Ferrier said he expected to make an announcement regarding the management of Fonterra's strategy and growth activities in the next few weeks.
