[ad_1]
Lukas Paravicini, Fonterra's chief operating officer for customer services and catering, resigned.
As Chief Financial Officer between 2013 and 2017, the former Nestlé executive formed a major triumvirate with Managing Director Theo Spierings and President John Wilson.
This year, all three are gone, after the first loss of $ 196 million in the history of the dairy giant.
The Paravicini mandate at Fonterra has begun in a promising manner, coinciding with the record payment of $ 8.40 per kilogram of milksolids in 2013-2014.
READ MORE: $ 5 million work nobody wants: Kiwi executives reject Fonterra's top job
PROVIDED
Lukas Paravicini, Fonterra's chief operating officer for customer services and catering, resigned.
However, he also participated in the signing of the $ 750 million contract with the Chinese partner Beingmate in 2015, which was amortized to the tune of $ 439 million.
He oversaw the controversial change in the payment terms of contractors and suppliers of Fonterra in 2016, so it took between 60 and 90 days for a small business to be paid.
According to the accounting software company MYOB, such practices "killed" small businesses.
Last year, Paravicini was transferred to become the chief operating officer of its global consumer and foodservice sector, while an acting financial officer took office until the end of the year. at the beginning of Marc Rivers, in March of this year.
PROVIDED
The former CFO of Fonterra has forged a close partnership with former CEO Theo Spierings for six years.
He is about to leave the co-op in January of next year, as he and his family plan to return to Europe.
Managing Director Miles Hurrell said Paravicini joined Fonterra's management team in 2013 as Chief Financial Officer.
"During his tenure, Lukas has been instrumental in maintaining the cooperative's financial strength, including years of low milk prices and challenging global conditions, and led initiatives such as farmer loans, and defended the commercial transformation of Fonterra. "
Hurrell noted that Paravicini had gone from the man of the Fonterra figures to leading his global consumer and food business.
An announcement on the appointment of his replacement will follow.
Source link
