Ah Tatua, You've Done It Again!
Waikato milk processor Tatua has again declared a record milk payout to farmer shareholders, leaving other processors in the dust.
Fung has been acting CEO since May 14 this year and has served as a Synlait director since June 2024. In a filing with the NZ Stock Exchange, Synlait says the permanent appointment process was assisted by global consultancy Korn Ferry.
“A seasoned executive in the dairy and nutrition sectors, Leon brings nearly 30 years of experience across production, operations, CAPEX engineering investments, and market development.
“His executive track record is defined by scaling operations, optimising supply chains, and building high-performing teams across Asia-Pacific markets.”
Synlait chair George Adams added that since his appointment as acting CEO, Fung has demonstrated strong leadership and commercial discipline with a deep knowledge of dairy processing which has helped deliver Synlait’s operational stability.
“This appointment provides continuity, clarity and momentum as the company continues to execute its recovery roadmap.”
Fung says that his time on the board means he had a strong understanding of the important role Synlait places in New Zealand’s dairy sector.
“The five months I have spent as Acting CEO have given me greater confidence in the company’s future.
“We are making progress and I look forward to navigating the challenges and capitalising on the opportunities ahead, so we return Synlait to success.”
The listed company is majority owned by China’s Bight Dairy with a2 Milk Company also holding a cornerstone shareholding.
The company has faced turbulent times since 2021.
It reported a net loss of $75.4 million for the financial year ending July 31, 2026, marking its fourth loss in five years due to severe debt, operational setbacks, and manufacturing troubles.
Synlait was also forced to sell its North Island operations to reduce debt.
