Fonterra has announced that co-op chair John Wilson is to step down from his position immediately. His decision follows a period of ill health and the chair feels he needs time and space to recover.

Fonterra is reporting that within the last month, Wilson has undergone a significant surgery and will require ongoing treatment. It also says he will remain a Fonterra director until the co-operative’s annual meeting in November, when he will retire from the board.

In response to Wilson’s decision, the Fonterra board has selected John Monaghan as the new chair. Monaghan is an experienced director and has been on the Fonterra board since 2008.

In a message to farmers earlier today, outgoing chair John Wilson said the decision to stand down had been difficult but was ultimately in the best interests of the co-operative.

The unexpected news comes as Fonterra seeks to find a new chief executive following the announcement earlier in the year that Theo Spierings was stepping down also.

Fonterra has come in for criticism from shareholders recently over financial performance and investments. However, on the positive side, it has forecast a good milk price for the upcoming season which is starting at the moment in New Zealand.

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