As chief financial officer between 2013 and 2017, the former Nestle executive formed a leading triumvirate with chief executive Theo Spierings and chairman John Wilson.
This year all three have departed, following the first ever loss of $196 million in the dairy giant’s history.
Paravicini’s tenure with Fonterra started promisingly, coinciding with the record 2013-14 payout of $8.40 per kilogram of milksolids.
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ABIGAIL DOUGHERTY/STUFF
Newly appointed Fonterra CFO Marc Rivers says he’s up to the challenge of helping turn Fonterra around.
However he was also involved with the signing of the $750m deal with Chinese partner Beingmate in 2015, which has now been written off to the tune of $439m.
He oversaw the controversial change to Fonterra’s payment terms for contractors and suppliers in 2016, so that it took a small business between 60 and 90 days to get paid.
According to accounting software company MYOB, such practices were «killing» small businesses.
Last year Paravicini was shifted sideways to become the chief operating officer for its global consumer and foodservice business, while an interim financial officer took over until Marc Rivers began in March this year.
He is set to leave the co-operative in January next year as he and his family plan to return to Europe.
Chief executive Miles Hurrell said Paravicini first joined the Fonterra management team in 2013 as chief financial officer.
«During his time, Lukas was instrumental in maintaining the financial strength of the Co-operative, including through some years of low milk prices and challenging global conditions. He spearheaded initiatives such as the Farmer Support Loans, and championed Fonterra’s business transformation.»
Hurrell noted Paravicini had moved seamlessly from Fonterra’s numbers man to leading its global consumer and foodservice businesses.
An announcement on the appointment of his replacement will follow.
