Fonterra said two of its long-serving farmer directors - Malcolm Bailey and Ian Farrelly - will retire from the board at the Co-operative's annual meeting in December.
Chairman John Wilson said Bailey and Farrelly were dedicated and experienced directors who shared a strong commitment to co-operative principles and the business' strategy of converting more milk into higher-value products.
"Both have served on our board during a period of significant change, including the introduction of Trading Among Farmers, our business strategy refresh and more recently the governance and representation review," Wilson said in a statement.
Bailey was elected to the board in 2004, after previously serving as president of Federated Farmers. Farrely was elected in 2007 following a 20-year career in the banking industry.
The annual meeting is scheduled for December 8. In a separate statement, Fonterra said it appointed the current chief executive of First NZ Capital, Scott St John, as an independent director, effective from November 1.
