Fonterra (ASX:FSF) has appointed David Pilkington as the new Chair of the Milk Price Panel, effective from 1 June 2023.

The diary company said Mr Pilkington is an experienced director and currently serves as Chair of Rangatira Limited and Douglas Pharmaceuticals Limited.

It also said he will be considered an independent member of the Panel according to Fonterra Shareholders' Market Rules and the Dairy Industry Restructuring Act.

Fonterra added that the Minister of Agriculture has approved Mr Pilkington's appointment.