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Fonterra Cooperative Group, the world’s biggest dairy exporter, has appointed Singaporean director Simon Israel to its board to replace the retiring Ralph Waters.
Israel will join the Fonterra board on May 1, replacing Waters who stayed on with the dairy group to help bed in the changes from the Trading Among Farmers regime. His appointment comes as Fonterra looks increasingly to emerging markets with growing appetites for protein-rich foods to grow its international revenue.
Chairman John Wilson said Israel will offer the board “invaluable knowledge and insights as Fonterra pursues its business strategy, particularly with its emphasis on emerging markets.”
Israel is currently the chair of Singapore Telecommunications and a director of Asian real estate firm Capitaland, and has previously spent a decade with French dairy group and Fonterra rival Danone.
The board of the Fonterra Shareholder Fund’s manager supports the appointment.
Units in the fund slipped 1 percent to $7.15 today.