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Former Fonterra Chief Executive Theo Spierings Dies
Gyles Beckford, Business Editor
The former high-profile and controversial head of dairy co-operative Fonterra, Theo Spierings, has died.
A brief statement issued through a consultancy he worked for said Spierings had died over the weekend in the Netherlands after a brief illness.
"His legacy, and the impact he had on those he worked with and who knew him, will be remembered fondly."
"At this difficult time, Theo's family has requested privacy. They appreciate the outpouring of love and support from around the world during this sad time."
Spierings, a 30-year veteran of the dairy industry in Europe and New Zealand, had returned to Holland after his resignation from Fonterra in 2018.
He was appointed to Fonterra in 2011 after its first decade following its creation from the mega merger of the country's two major dairy producers and the Dairy Board.
Spierings had previously headed the Dutch dairy co-operative Friesland Foods and led its merger with Campina in 2008.
Global ambitions
Spierings' appointment in 2011 was widely welcomed by dairy industry figures as bringing wide experience in dairy co-operatives but a fresh view.
Fonterra was still restoring its reputation and standing after the melamine contaminated milk scandal and failed investment in Chinese dairy company San Lu in 2008.
However, he was wedded to Fonterra's global ambitions and expansion in China, Latin America and Asia resulting in joint ventures, acquisitions, and direct investment in Chinese dairying operations.
But milk prices gyrated during the period exacerbating the tension between farmer payouts and the co-operative's commercial operations and profitability.
Fonterra weathered another contamination scare in 2013 when it conducted a world wide recall of product because of suspected botulism contamination.
The handling of the scare battered Fonterra's reputation again and prompted a major confrontation with leading customer Danone, as well as government inquiry.
High salary
The topic of Spierings' salary was never far from discussion through much of his tenure, with his ever rising multi-million dollar salary and incentives contrasted with many farmers struggling to make ends meet and job cuts at Fonterra.
Fonterra always maintained that Spierings was running the country's biggest business and needed to be paid appropriately, although Spierings himself asked for a pay freeze in 2015 when the salary was already touching $4m.
His departure was speculated on by Australian media in 2016 with a suggestion that then Air New Zealand chief executive Christopher Luxon would replace him.
By the time he left in 2018 he was earning $8m, including bonuses, just as Fonterra was about to announce disastrous financial losses in 2018 and 2019.
Spierings said he was looking for a better job, not a bigger job.
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