Dairy giant Fonterra's long serving Chairman Sir Henry van der Heyden has announced his intentions to step down from the position at the Co-operative's next AGM.

 

Sir Henry said the Board put a process in place some two years ago to appoint a new CEO and identify the next chairman.

 

"I stood for another term because it was important we had stability through the transition to a new CEO," said Sir Henry.

 

"That has gone very smoothly and a year from now our new CEO, Theo Spierings, will be into his second year.

 

"Then it will be time for a new Chairman."

 

Sir Henry said the process to identify Fonterra's next chairman was being run by the Board. The objective was a smooth transition.

 

Sir Henry has been on the Board of Fonterra since its formation 10 years ago. He has been the Co-operative's Chairman since 2002.