Fonterra's shareholders council has a new chairman; Northland dairy farmer and former banker Simon Couper.
Mr Couper replaces Blue Read, who is retiring after three years heading the council which represents the interests of Fonterra's 10,500 farmer shareholders.
The council also has a new deputy chairman - Ian Brown from Tokoroa, replacing Campbell Shearer who is retiring after being in the position since 2008.
Both Mr Read and Mr Shearer say they are stepping down to spend more time on their dairy farms, after being heavily involved in the dairy co-operative's capital restructuring programme.
Fonterra shareholders voted last month in support of the final and most controversial stage of the plan - the proposal to allow them to trade shares among themselves.
Mr Couper acknowledges he'll be keeping busy working through the detail of the share trading scheme as they work to introduce it.