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BUSINESSDESK: Sir Henry van der Heyden will remain on the board of Fonterra after he steps down as chairman in December and Ralph Waters will have his term extended as the dairy company introduces its Trading Among Farmers scheme.
Sir Henry will stay on the board as a farmer-elected director for the first part of 2013 and Mr Waters' tenure would continue for up to six months beyond the AGM in December, chairman-elect John Wilson says.
"As we move ahead on the implementation of TAF it is important the cooperative has continuity and experience around the board table," he says. "As a result, Henry and Ralph have agreed to stay on until after TAF is up and running."
Mr Waters' extended term needs to be ratified by farmer shareholders at the AGM, while Sir Henry will remain on as part of his normal farmer-elected term which runs to the annual meeting in 2013, though he is likely to leave before then.
Fonterra hopes to have TAF in place by the end of November.