Neil Beaumont Leaves Fonterra Unexpectedly

Fonterra has announced the departure of its Chief Financial Officer, Neil Beaumont, who is leaving the cooperative after less than a year in the role. In a brief statement, Fonterra confirmed that Simon Till, the company’s former director of capital markets, will serve as the acting CFO while the recruitment process for a permanent replacement is underway.

Beaumont, who joined Fonterra in February this year, will conclude his tenure on November 3. He has a background as a Group CFO, previously holding the position of Senior Managing Director and Chief Financial and Risk Officer at the Canada Pension Plan Investment Board, where he was responsible for leading operations, finance, and risk functions for the CAD$500 billion investment fund. Prior to that, he held senior roles at BHP Billiton in Chile and Australia and worked at KPMG.

The unexpected news of Beaumont’s departure has surprised many, and the Fonterra Cooperative Council has expressed its intent to inquire further.

Last month, Fonterra reported a remarkable 170% increase in net profit, reaching a record $1.6 billion, driven by robust margins in its cheese and protein portfolios. Excluding a net gain from divestments amounting to $248 million, the cooperative’s normalized profit after tax stood at $1.329 billion, up $738 million compared to the previous year and exceeding market expectations of $1.2 billion. Additionally, Fonterra reported a return on capital of 12.4% for the 12 months ending on July 31, an improvement from the 6.8% in the previous comparable period. Fonterra’s debt-to-Ebitda ratio also decreased to 29% from 42% the previous year and 50% in 2019. Units in the Fonterra Shareholders Fund were last traded at $3.10, an increase of one cent. These units have gained 3.7% over the past 12 months, while the overall sharemarket has experienced significant fluctuations during the same period. Fonterra is a cooperative collectively owned by approximately 8000 dairy farmers.

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