Fonterra 'disappointed' as Colin Armer resigns from its board with immediate effect citing no reason for departure
Colin Armer has resigned from Fonterra's board just days after fellow director John Wilson was named as the dairy co-operative's new chairman to succeed Henry van der Heyden.
A brief statement released on behalf of Armer by a PR company said he had tendered his resignation today, effective immediately.
“For many years I have been, and continue to be, a strong supporter of the New Zealand dairy industry and an advocate for Fonterra’s important work. I will continue to be,“ Armer said.
Armer thanked shareholders who've supported him in the past and said he would continue supporting the co-operative model in the future. He had "nothing but praise" for Fonterra's CEO Theo Spierings and the management team, however the statement said Armer wouldn't be available for further comment.
In a brief statement released by Fonterra, van der Heyden said Armer had made a significant contribution to Fonterra's progress as a director for six years.
"While we are disappointed that Colin has chosen to resign we respect his decision. Director elections will be conducted in the normal course preceding the Annual Meeting later this year, at which time farmer shareholders will have an opportunity to elect a new director to fill this vacancy," van der Heyden said.
Last week Fonterra said Wilson will replace van der Heyden as chairman in December. Armer had been considered a candidate to become chairman.
Armer and his wife Dale are major dairy farm owners, with their interests including a majority stake in Fonterra's biggest supplier Dairy Holdings. Another Armer company, Armer Farms (NI), pleaded guilty in the Tauranga District Court in May to a charge of unlawful discharge of dairy effluent at a Maketu farm in October 2010.
Armer was elected to Fonterra's board in 2006 and the co-operative's website says he's chairman of its Supplier Relations Committee, International Farming Ventures Group, and Payments Working Group, as well as being on the Audit Finance and Risk Committee, Appointments Remuneration and Development Committee and the External Relations Committee.