[2 July/Stuff]

Fonterra’s Chinese partner Beingmate has appointed a new general manager. Fonterra’s Chief Executive, Theo Spierings, welcomed the move as a signal of the company’s transformation. Fonterra wrote off $405 million of its $750 million investment in Beingmate earlier this year. The new general manager is Bao Xiufei (Bob). Mr Spierings said they knew their farmers and unit holders expected a lift in Beingmate’s performance, so influencing the right transformation steps through its shareholding was one of their top priorities. The appointment of the new manager was one of three key steps communicated earlier in the year in the Beingmate transformation plan. The next priorities are for Mr Bao to unlock Beingmate’s distribution network and take the right actions to meet Chinese customers’ preferences for ecommerce. China returned $3.4 billion in sales revenue to Fonterra last year.