Synlait CEO steps down after year at helm

Synlait Milk CEO Richard Wyeth has stepped down aft a twelvemonth astatine the apical of the New Zealand-based dairy company.

The publically listed concern confirmed his departure successful a stock-exchange filing contiguous (14 May). It said the committee has accepted his resignation.

Wyeth volition stay with the concern until 30 June to guarantee an “orderly modulation and handover”, the connection said.

He took connected the apical occupation connected 19 May past twelvemonth aft spending 4 years astatine chap New Zealand radical Westland Milk Products.

Synlait credited Wyeth with making a “strong publication to the business” during a “particularly challenging period”.

The dairy and infant-formula concern has appointed manager Leon Fung acting CEO, effectual immediately. Previously, Fung has held elder roles including CEO of NIG Nutritionals and operations manager astatine Danone's concern successful Oceania.

“Since joining Synlait arsenic a manager successful June 2024 and serving arsenic seat of its people, situation and governance committee from November 2025, Leon has developed a beardown knowing of the company’s operations and challenges, which positions him good to pb the concern forward,” the connection added.

In the past month, Synlait has besides announced the resignations of its main prime serviceman and its main proviso concatenation officer.

In March, Synlait outlined its plans for “recovery” aft posting a half-year nonaccomplishment of much than NZ$80m (US$47.1m).

The NZ$80.6m nett nonaccomplishment Synlait ran up successful the six months to the extremity of January compared to a nett net aft taxation of NZ$4.8m a twelvemonth earlier.

Synlait besides booked a nonaccomplishment astatine the EBITDA level of NZ$35m, a plaything from a affirmative EBITDA of NZ$63m successful the opening six months of the erstwhile fiscal year. Net indebtedness jumped 88% to NZ$472.1m. On a brighter note, gross accrued 3.5% to NZ$949m.

At the time, Wyeth said: “The numbers we are presenting contiguous are frustratingly disappointing. They are the effect of a play wherever Synlait faced aggregate headwinds and had small prime arsenic to however to woody with them. They bespeak a terrible deficiency of optionality, not effort and they bash not specify the company’s aboriginal – though betterment volition instrumentality time.”

A fortnight later, the institution announced it had completed the income of assets successful New Zealand's North Island to US infant-formula radical Abbott Nutritionals.

Wyeth described the woody arsenic "an important turning constituent for Synlait" that would "strengthen and simplify our business".

Last month, Synlait lawsuit A2 Milk Co. joined the companies to person recalled babe look aft detecting the beingness of the cereulide toxin.