close
1 mins to read

Sir Ralph Norris to step down from Fonterra board in November

Sir Ralph Norris said he made the decision to step down because of his other commitments.

Fiona Rotherham
Wed, 27 May 2015

See also: Fonterra takes ‘conservative approach’ to next season’s forecast

Sir Ralph Norris is to step down from the board of Fonterra Co-operative Group [NZX: FCG] following its annual meeting In November.

Norris joined the board in May 2012 as an independent director, and said he made the decision to step down because of his other commitments. He will also resign from the board of the manager of the Fonterra Shareholders' Fund at the same meeting on November 25.

Fonterra said the board would initiate a process to identify a new independent director in consultation with the board of the shareholders' fund.

Sir Ralph is chairman of Fletcher Building and on the board of Origin Energy and is a member of the University of Auckland Council and the New Zealand Treasury Advisory Board.

He had a 40-year career in banking, serving as the chief executive of Commonwealth Bank of Australia for six years and as managing director and chief executive of ASB Bank for a decade until 2001. He left this role for several years to be the chief executive of Air New Zealand before leaving to head the CBA.

He was knighted in 2009 and made a Distinguished Companion of the NZ Order of Merit for services to business in 2006.

Units in the Shareholders' Fund fell 0.4% to $4.93 today and have dropped 18% this year.

(BusinessDesk)

Fiona Rotherham
Wed, 27 May 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Sir Ralph Norris to step down from Fonterra board in November
48095