Fonterra welcomes news that Bao Xiufei has named GM's new Beingmate

Fonterra Cooperative Group welcomes the appointment of Bao Xiufei as Managing Director of Beingmate Baby & Child Food.

"We know that our farmers and our unit holders expect Beingmate's performance to improve, thus influencing the stages of transformation through our 18 percent participation. has been one of our top priorities.The appointment of a new independent Managing Director is the first of the three milestones we announced earlier this year in the Beingmate Transformation Plan, said Theo Spierings, managing director of Fonterra, in a statement. As part of its plan to enter the second and third tier Chinese cities, where the kiwie company had limited exposure, the $ 755 million investment did not go as planned. Spierings said the next priorities will be for the new Managing Director to unblock Beingmate's distribution network and take the right steps to meet the needs of Chinese customers. preferences for e-commerce.

"There are a number of opportunities to reverse Beingmate's current performance and we look forward to working with Mr. Bao According to Fierra, he joins Beingmate from Royal FrieslandCampina China, where he most recently held the position of Director sales of Friso and General Manager of Consumer Dairy Products Previously, he was Director of Sales at Wyeth Nutrition and held senior management positions at PepsiCo and Wahaha Food Group.

Fonterra Equity Fund Units rose 0.2% to $ 5.45, after falling 15.1% this year.)

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