Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
Coutts is currently chair of numerous ASX and NZX-listed companies, including EBOS Group Ltd and Oceania Healthcare Limited. She also chairs telecommunications company 2degrees.
In the event of an initial public offering (IPO) for Mainland Group, Coutts would be the non-executive chair of the board, presiding over the go-forward growth strategy.
The announcement follows the announcements earlier this year of Rene Dedoncker as chief executive-elect and Paul Victor as chief financial officer-elect.
The divestment is part of the co-operative’s programme to create further value for its shareholders through its foodservice and ingredients business.
“Liz has a proven track record of over 20 years as a Board Director, Audit Committee Chair and Board Chair across sectors,” McBride says.
“She has extensive governance experience from both large private and public companies, and her leadership will be invaluable should we pursue a public listing for Mainland Group,” he says.
Fonterra is continuing to pursue both a trade sale and an IPO as potential divestment options for its global consumer businesses.
In the coming weeks, the co-operative will assess non-binding indicative offers from potential purchasers and recently meetings with prospective investors were held as part of the IPO process.
McBride says the divestment is grounded in an understanding of how Fonterra best creates value for its farmers and New Zealand both today and into the future.
“We are thoroughly testing which divestment option will return the best value to farmer shareholders, while providing an ownership structure that allows our consumer brands to continue to grow,” he says.
“A divestment remains subject to approval from Fonterra’s farmer shareholders and we will be putting our chosen option to them for a vote in due course.”
Fonterra says it continues to target a significant capital return for farmer shareholders and unit holders following the divestment.
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