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Updated at 6:42 am on 27 November 2008
One of Fonterra's foundation directors, King Country farmer Earl Rattray, has lost his place on the board.
He was one of three sitting directors seeking re-election.
The others, Greg Gent and Jim van der Poel, were returned in a farmer ballot.
Mr Rattray lost his seat to John Monaghan, former chairman of Fonterra's Shareholders Council which also has five new members as a result of ward elections.
Copyright © 2008, Radio New Zealand
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