Fonterra management had no choice but to restructure. It is a logical response to a commodity price slump and is the inevitable reaction to the failure of the brands business to come to the rescue with big dividends.
But it is cosmetic surgery for a patient that requires much more fundamental medical attention.
However many millions of dollars cuts might save, this is a multi-billion-dollar business. Cutting middle management won't fix Fonterra's problems. Nor will changing the CEO.
The problems at Fonterra are structural. The company has always struggled to balance the demands of the commodity business with its consumer-focused brands business.
Sadly, 14 years after foundation it has made little progress towards resolving this tension.