Fonterra's $8.2m farewell to Andrew Ferrier

ANDREA FOX
Last updated 13:39 26/09/2012
ferrier stand
Former Fonterra boss Andrew Ferrier has been appointed to head the New Zealand Trade and Enterprise Board.

Relevant offers

Farming

Milk collection comes as welcome news for Kaikoura's dairy farmers Wool prices in decline as Chinese demand falls off NZ lamb flock clipped by farmers' move to beef and because of adverse weather Growth rates continue to fall at Westpac Taranaki Agricultural Research Station at Hawera Record sheep entries at Wyndham A&P Show Major dairy operation near Oamaru put on market by hero farmer Southern sections of earthquake-hit State Highway 1 'could reopen in weeks' New bobby calf loader meets new regulations Open Country Dairy lifts forecast on back of better market prices Maori Party 'naive' to back RMA changes, GE-free advocates says

Former Fonterra chief executive Andrew Ferrier received a payment of $8.2 million when he left the dairy giant this time last year.

Fonterra chairman Sir Henry van der Heyden at a presentation of the company's annual results for the 2012 year today confirmed the payment was to the Canadian, who had headed New Zealand's biggest company for eight years.

Van der Heyden said the payment was a "wash up" of money due to Ferrier under the company's long-term and short-term performance incentive pay structure.

"I know it's a lot of money....but it is all based on performance....", he said.

Last year's annual report suggests Ferrier was paid between $4.9m and $5m in the year ended July 31 2011.

Ferrier was succeeded by Dutchman Theo Spierings, who marks the end of his first year with the farmer-owned cooperative today.

Ad Feedback

- BusinessDay.co.nz

Special offers
Opinion poll

Is it time for authorities to introduce tougher penalties for poaching?

Yes

No

Vote Result

Related story: Booby traps for poachers cost farmers

Featured Promotions

Sponsored Content

Agri e-editions

Digital editions

Read our rural publications online