Dairy group Fonterra has named a new audit chair as it prepares for the sale of its consumer business in Australia and New Zealand.
Dairy group Fonterra has named a new audit chair as it prepares for the sale or potential listing of its consumer business in Australia and New Zealand.
Fonterra said it had hired Anne Templeman-Jones as chair-elect of the audit and risk committee of the board of Mainland Group, the new name for the consumer operations.
Fonterra chair Peter McBride said Ms Templeman-Jones had extensive experience in executive and board roles across a range of sectors.
“Anne’s career spans banking and financial services, consumer goods and energy,” said Mr McBride.
“She has spent 25 years as a banking executive in global and governance roles.”
“That included nine years with the CBA Group, including six as chair of the group audit committee, two years as chair of Blackmores Group, and seven years on the board of Worley Ltd, including five years as chair of the audit and risk committee.”
Her appointment follows the co-op’s announcement in March that Elizabeth Coutts had been appointed as chair-elect for the Mainland Group board.
Fonterra in February launched the process to sell assets, including its $2bn Australia and New Zealand business.
The company is carrying out a dual track process, where it tests buyer interest and the possibility of an initial public offering in Australia and New Zealand.
The sale includes its Australian consumer, food service and ingredients business, and NZ Fonterra brands in a new unit now named Fonterra Oceania, as well as its global consumer business and Fonterra Sri Lanka.
Fonterra said it continued to progress the trade sale process, including engaging with potential purchasers of its consumer and associated business.
The dairy group said it was now at the stage where some potential purchasers might pre-emptively seek regulatory approvals, which was a standard step ahead of any deal being agreed.
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