1 00:00:00,040 --> 00:00:01,880 Speaker 1: So the big news in Derry, of course, is the 2 00:00:01,920 --> 00:00:04,240 Speaker 1: Miles Hurral is moving on from Fontira eight years in 3 00:00:04,280 --> 00:00:07,440 Speaker 1: a turnaround strategy that's paid big dividends literally and figuratively. 4 00:00:07,800 --> 00:00:11,160 Speaker 1: John Stevenson as Fontier's Cooperative Council Chair and is with us. John, 5 00:00:11,200 --> 00:00:14,000 Speaker 1: Morning to you, Good morning Mike. If you look back 6 00:00:14,000 --> 00:00:16,239 Speaker 1: at what he picked up and ran with, it's a 7 00:00:16,239 --> 00:00:18,880 Speaker 1: pretty significant turnaround, doesn't it look? It will look good 8 00:00:18,920 --> 00:00:19,239 Speaker 1: on the. 9 00:00:19,200 --> 00:00:23,480 Speaker 2: CV, absolutely, And I think it's really important to acknowledge 10 00:00:23,480 --> 00:00:26,560 Speaker 2: that Miles and as Mike and Miles as leadership and 11 00:00:26,560 --> 00:00:28,360 Speaker 2: what he's been able to achieve. And I think you 12 00:00:28,400 --> 00:00:30,800 Speaker 2: know what is you as you alluded to for context, 13 00:00:30,840 --> 00:00:33,720 Speaker 2: when he took over in twenty eighteen, dividends were loaded 14 00:00:33,760 --> 00:00:36,159 Speaker 2: non existent for us as Farmer shareholders and met that 15 00:00:36,360 --> 00:00:38,560 Speaker 2: was at six point two billion. Near the last couple 16 00:00:38,600 --> 00:00:41,479 Speaker 2: of years, we've had dividends forty to fifty cents in 17 00:00:41,960 --> 00:00:44,320 Speaker 2: depths down to two point six billions, So, you know, 18 00:00:44,440 --> 00:00:45,920 Speaker 2: really significant achievements. 19 00:00:46,120 --> 00:00:48,680 Speaker 1: Does it sound about right? Were you surprised yesterday or not? 20 00:00:49,479 --> 00:00:51,199 Speaker 1: Eight years? I mean that's what they do, isn't it? 21 00:00:51,200 --> 00:00:51,880 Speaker 1: They do? Eight years? 22 00:00:51,960 --> 00:00:55,320 Speaker 2: Move on? You're right, Mike. I think initially sort of 23 00:00:55,600 --> 00:00:59,560 Speaker 2: got farmers interested. Upon reflection, eight years the timing does 24 00:00:59,600 --> 00:01:02,920 Speaker 2: seem out right, we're moving into a different period post 25 00:01:02,960 --> 00:01:06,280 Speaker 2: and mainly in investments, so you know, these roles have 26 00:01:06,319 --> 00:01:09,120 Speaker 2: big roles. They take a toll on people, and you know, 27 00:01:09,280 --> 00:01:11,480 Speaker 2: sort of we wish Miles all the best in the future. 28 00:01:11,640 --> 00:01:14,600 Speaker 1: What's your vibe? He came from inside, so it's an 29 00:01:14,600 --> 00:01:17,440 Speaker 1: internal knows the business inside out. Is that where you 30 00:01:17,600 --> 00:01:19,880 Speaker 1: need to look or was he just an individual set 31 00:01:19,880 --> 00:01:22,040 Speaker 1: of circumstances that he would have been good no matter 32 00:01:22,040 --> 00:01:23,399 Speaker 1: where he came from. 33 00:01:24,000 --> 00:01:26,640 Speaker 2: I think one of the key things around Miles is 34 00:01:26,640 --> 00:01:28,800 Speaker 2: he's been able to build a strong team around him. Mike, 35 00:01:28,920 --> 00:01:31,880 Speaker 2: So you know, you've got to be a special individual 36 00:01:31,880 --> 00:01:34,440 Speaker 2: for this role, and farmers are pretty direct. They have 37 00:01:34,520 --> 00:01:38,200 Speaker 2: high expectations of of their cooperative to deliver. But you 38 00:01:38,240 --> 00:01:40,840 Speaker 2: know he's built a strong team around him. But no 39 00:01:40,920 --> 00:01:44,080 Speaker 2: doubt there'll be interest outside of Fonterra as well. 40 00:01:44,560 --> 00:01:47,400 Speaker 1: The Peters stab yesterday that it's all been a big mistake, 41 00:01:47,440 --> 00:01:50,040 Speaker 1: that he was going to sell collectors dividend and bugger off. 42 00:01:50,160 --> 00:01:51,000 Speaker 1: What do you make of that? 43 00:01:52,080 --> 00:01:54,320 Speaker 2: I think farmers would definitely have a different view, and 44 00:01:54,360 --> 00:01:57,080 Speaker 2: they've communicated that to us have the last twenty four hours, 45 00:01:57,080 --> 00:02:00,440 Speaker 2: Mike Miles has really been able to rebuild farmer trust 46 00:02:00,520 --> 00:02:04,320 Speaker 2: that business fundamentals are strong forty nine percent of them 47 00:02:04,520 --> 00:02:07,880 Speaker 2: last year. The win into advance, especially ingredients and food 48 00:02:07,920 --> 00:02:11,440 Speaker 2: service yet stem So you know, I think I think 49 00:02:11,480 --> 00:02:14,600 Speaker 2: farmers based on pure business performance, whatever different view. 50 00:02:14,680 --> 00:02:16,960 Speaker 1: Good stuff, John nuts to catch up, preciated John Stevenson, 51 00:02:16,960 --> 00:02:20,120 Speaker 1: who's the Pontera Cooperative Council chair. Small note Peene McBride, 52 00:02:20,120 --> 00:02:23,680 Speaker 1: who's the chair of the organization. Miles isn't talking until 53 00:02:23,720 --> 00:02:26,680 Speaker 1: after next week when the announcement of the profit comes out, 54 00:02:26,680 --> 00:02:28,079 Speaker 1: and I'm assuming that's going to be a good one. 55 00:02:28,120 --> 00:02:29,560 Speaker 1: So we went to the chair and the chairman didn't 56 00:02:29,600 --> 00:02:31,280 Speaker 1: want to come on the program because it's a bit early, 57 00:02:31,639 --> 00:02:34,320 Speaker 1: which struck me as unusual for a person involved in dairy. 58 00:02:34,360 --> 00:02:36,640 Speaker 1: If six thirty is a bit early for you and dairy, 59 00:02:37,680 --> 00:02:38,959 Speaker 1: I don't know what you're doing in dairy. 60 00:02:39,560 --> 00:02:42,480 Speaker 2: For more from the Mic Asking Breakfast, listen live to 61 00:02:42,600 --> 00:02:43,160 Speaker 2: news talks. 62 00:02:43,160 --> 00:02:46,360 Speaker 1: It'd be from six am weekdays, or follow the podcast 63 00:02:46,400 --> 00:02:47,280 Speaker 1: on iHeartRadio.