27 Nov 2018

Fonterra's Lukas Paravicini resigns

3:29 pm on 27 November 2018

The head of Fonterra's global consumer and foodservice business has resigned after five years as a senior manager of the dairy cooperative.

Fonterra COO Lukas Paravicini.

Lukas Paravicini. Photo: AFP

The announcement follows the ongoing review of Fonterra's underperforming business, which includes the possible sale of three of its assets, including an investment in China.

In a brief statement the company said chief operating officer Lukas Paravicini, the former chief financial officer of the cooperative, will step down in January and return to Europe with his family.

Fonterra chief executive Miles Hurrell said Mr Paravicini had been instrumental in managing the business's finances through some years of low milk prices and challenging global conditions, in addition to spearheading Fonterra's business transformation.

Fonterra said an announcement on his replacement will follow and declined a request for an interview with Mr Paravicini or Mr Hurrell.