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Fonterra CEO to depart

Fonterra Co-op Group Ltd. said March 21 that CEO Theo Spierings agreed to step down later this year following succession discussions that started last year.

The New Zealand-based milk producer said the company's board is now shortlisting candidates to succeed Spierings after commencing an international search for a new CEO in November 2017.

Fonterra said Spierings will remain in the role, as the search for a replacement continues, to work on the company's co-operative strategy and business.

The announcement comes a day after the dairy company released its 2018 interim results, reporting a $405 million investment impairment in its Beingmate partnership in China. Spierings said he and the senior management team will be prioritizing the recovery of the value of the Beingmate investment, according to the prior release.