Fonterra names Richard Allen as new chief executive
Shares jump 7% as trading resumes after capital return
13 April 2026
1 minute read
By: New Zealand's Fonterra Co-operative Group said on Monday it has appointed Richard Allen as its chief executive officer, following the sale of its global consumer business last month.
Allen succeeds Miles Hurrell, who resigned in March after nearly eight years at the helm.
The new CEO, who starts on May 1, joined the dairy major in 2008 and has held several positions, including leading its farmer-facing Farm Source business.
"Richard Allen is a continuity candidate with deep knowledge of the co-op, credibility across the farmer base, and strong exposure to the ingredients side of the business, which is central to Fonterra's current strategy," said Jeremy Sullivan of advisory firm Hamilton Hindin Greene.
Fonterra shares rose 7.2% to NZ$4.48, per data from New Zealand's bourse operator NZX.
Trading in the stock resumed after being halted from April 8 pending the NZ$3.2 billion ($1.86 billion) capital return, funded by the sale of its global consumer and associated businesses, Mainland Group, to France's Lactalis.
"The stock is reacting to several things at once: trading resuming after a halt, the appointment of Richard Allen as CEO, and the capital return all landing on the same day," Sullivan added.
($1 = NZ$1.7244)
