Fonterra lures Shell executive

Guy Cowan

Fonterra has appointed a US-based oil industry executive as its chief financial officer.

Guy Cowan, 53, is vice-president finance and chief financial officer for Shell Oil Co - the US division of Royal Dutch/Shell. He is responsible for balancing the books on $43 billion of annual revenue.

More than a year after the job was advertised, Cowan takes over the Fonterra chief financial officer role from director of strategy and growth Graham Stuart. Stuart - who is playing a key role in the takeover bid for National Foods - has been handling both jobs since December 2003, when chief executive Andrew Ferrier restructured the management team. Cowan starts on March 1.

Ferrier said yesterday that he was pleased to appoint someone with a strong track record across a wide range of relevant business disciplines. "Guy's experience in the financial management of a complex and geographically diverse multinational business the size and scale of Shell, as well as his knowledge of commodity markets, mergers and acquisitions, risk management and treasury operations, will be of great benefit."

Cowan, who is a British citizen, was born in Argentina and educated in Brazil and England. He graduated with an honours degree in engineering from Sussex University before training as an accountant.

The New Zealand lifestyle was a major drawcard for the father of four, who said he was looking forward to bringing his family here.

He was also looking forward to the challenges at Fonterra and "helping develop a world-class finance organisation".

Cowan began his career with Shell in 1981 in Brazil working in various financial roles. In 1987, he went to London to work in Shell's Latin American/African regional co-ordination team. From 1992 to 1994, he was treasurer of Shell Australia and a director of Woodside Petroleum.

He was chief financial officer of Shell Oil products Argentina, Chile and Paraguay and vice-president of Shell CAPSA Argentina from 1997 to 2000. Before taking up his position with Shell in the US, he was chief financial officer of the Shell companies in Nigeria.

Before joining Shell, Cowan worked with KPMG in the US and Brazil and for Price Waterhouse in London.

Guy Cowan

Age: 53

Family: Married with four children

Nationality: British (born in Argentina)

Education: Bachelor of Engineering, with honours, University of Sussex.

Institute of Chartered Accountants, England and Wales.

American Institute of Certified Public Accountants

Present job: Chief financial officer, Shell Oil Co (revenue $43 billion)