5 November 2010
Murray Goulburn Co-Operative Managing Director announces future plan
In a personal letter to suppliers Murray Goulburn Co-Operative Managing Director Stephen O’Rourke has
announced his plans to retire from his role with the Co-operative in July 2011.
In an accompanying letter Murray Goulburn Chairman Grant Davies said that the Board was initially reluctant to
accept Stephen’s plans.
“Stephen had been discussing retirement plans with us over the past few months and he is insistent that his plans for
retirement were now clear and should be made known to Murray Goulburn Co-Operative shareholders and other
stakeholders as soon as possible.
“Therefore the Board reluctantly accepted Stephen’s resolve and agreed to announce Stephen’s retirement set for 5
July 2011.”
Mr Davies said that Stephen has been Managing Director for twelve years, a member of the Board for 17 years and
an employee of the company for 23 years.
“During this time Stephen has provided the essential leadership for an extraordinary era of growth and development
for Murray Goulburn Co-Operative as Australia’s most important farmer-owned dairy company and a leader in both
dairy ingredients and consumer goods,” Mr Davies said.
Mr Davies explained that under Stephen’s leadership over the last twelve years Murray Goulburn has seen revenues
increase by nearly $1.5 billion to peak at more than $2.5 billion, domestic sales more than double to over $1 billion
and an almost three-fold increase in shareholder equity to more than $700 million.
In his letter to shareholders Mr Davies said that Stephen has led Murray Goulburn through very difficult times starting
with deregulation through to drought and the challenges of the Global Financial Crisis while steadily implementing a
guiding strategy to transform Murray Goulburn Co-Operative from a commodity based business to a more customer-
focused and value-adding dairy company.
“Stephen’s operating principle has always been that the Co-operative’s relationships with supplier members come
first. He is committed to face-to-face communication and believes strongly in the co-operative model. His focus has
always been on maximizing the farmgate milk price and improving returns for dairy farmers.”
Mr Davies said that although the Board of Murray Goulburn will be sad to see Stephen leave it is very pleased that
he intends to stay on as Managing Director until July 2011. This will ensure a continuity of leadership and strategy
and allow for the best possible transition to his successor.
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