Dairy giant Fonterra has appointed a Singapore-based Kiwi businessman to replace departing Australian director Ralph Waters.
New Zealand’s biggest company said it had appointed Simon Israel, a Singaporean businessman to succeed Waters, who would leave the board immediately now his replacement had been found.
Fonterra chairman John Wilson said Israel had exceptional governance, consumer and wider Asian business experience.
«Simon is based in Singapore and has worked in Asia for many years,» Wilson said.
«He has significant business credentials in Asia and in consumer and investment businesses. He will bring to the board invaluable knowledge and insights as Fonterra pursues its business strategy, particularly with its emphasis on emerging markets.»
Israel is currently chairman of Singapore Telecommunications and a director of Capitaland, one of Asia’s largest real estate companies with core markets in Singapore and China.
He was an executive director at Temasek Holdings for six years, and from 2010-2011 was executive director and president.
Israel has executive and board experience on some of the world’s leading fast-moving consumer goods companies, including 10 years with French dairy company Group Danone where he led the build of its business across the Asia region, especially in China.
Waters steps down after six and a half years on the board of the farmer-owned co-operative, the world’s leading dairy exporter with revenues last year of $18.6 billion.
Source: Â Stuff