Fonterra chairman John Monaghan to retire

Fonterra chairman John Monaghan has confirmed that he will retire as a director of the co-operative when his current three-year term ends at its Annual Meeting this November.

In a note to the Co-operative's farmer-owners and unitholders, Mr Monaghan explained that his decision was the next step in the Fonterra Board's development and succession planning.

"After 11 years as a Director, and having seen through the introduction of our new strategy, operating model, and with our debt reduction efforts well progressed, the timing is right for me and for the co-op.