Divisions on Fonterra

new CEO is there for six years or so, John isn’t going to be around for that long, why should he stay. We need new blood, ‘‘ he said.

‘‘Farmers should do what they’re good at producing milk and let the value-add part do what it needs to do. That business has to start driving dollars into our business and not cents. Farmers would be a lot happier, they’d only be paying their CEO

$4 million a year rather than $8m.’’ Last year chief executive Theo Spierings was paid $8.93m, a 57 per cent jump from the year before.

Spierings’ earnings were made up of a $2.46m base salary, superannuation benefits of $170,036, and performance payments for 2016 and 2017 of

$1.83m and $3.85m.

A Te Kuiti farmer said shareholders were ‘‘perfectly capable’’ of dealing with the leadership issue when they vote later this year.

He was confident the dairy cooperative could turn around the poor performance of its Chinese partner, Beingmate.

Under Spierings’ and Wilson’s tenure Fonterra made a $750m investment into Beingmate, which it has now written off to the tune of $405m.

‘‘Australia has turned around for Fonterra and we’re not moaning about that. I think China could turn around, and now Fonterra has more say on the Beingmate board.’’

The farmer said there should be a new chief executive every six years, and there should be a better succession plan.

Board members are voted in by the 10,500 farmer/shareholders, but the chairman is then decided by the directors.

A Fonterra spokesman said Wilson had not signalled whether he would stay on or stand down.