Monday, 27 September 2021 10:23

New chair, CEO for Synlait

Written by  Sudesh Kissun
Miraka chief executive Grant Watson will take over as chief executive of Synlait in January Miraka chief executive Grant Watson will take over as chief executive of Synlait in January

Troubled milk processor Synlait will have a new chairman and chief executive officer by 2022.

The Canterbury-based business has reported a net loss of $28.5 million and has announced the start of “a new chapter to return to robust profitability”.

Synlait has poached Miraka Milk chief executive Grant Watson to be its new CEO. Watson, who joined Miraka in February this year after a long stint at Fonterra, will start in his new role in January.

Acting CEO John Penno will take over as Synlait chairman when Graeme Milne retires at its annual general meeting in December.

Milne says Watson has a track record “of  materially  transforming  and accelerating  businesses  by  setting  clear  strategies,  surrounding  himself with  diverse  and  talented people,  and  relentlessly  driving  execution  to  deliver  strong  sustainable  results”.

Synlait released its annual results today: the heavy loss comes after nine years of profitability.

Penno says the financial  result  illustrates  that  the  last  financial  year has  been  very  challenging  for  Synlait.

“We have  always  had  the  enormous  advantage  of  starting  fresh some  13  years  ago  as  a small  part of a large, successful, and well-established  global  industry. 

“Our strategy  fundamentally  plays  to  this  competitive  advantage  and  is  driven by  our  purpose:  Doing  Milk Differently  For  A  Healthier  World

“We have fallen short of delivering on this advantage. 

“The opportunity to pause, learn, change, and then double down on delivering the potential  Synlait’s board and management firmly believe is there is being approached  with fresh  energy  and is our number one priority.”

More like this

Creaming China

Despite being in financial doldrums, Synlait has created a five-year foodservice strategy that will target the Chinese market.

Synlait posts $4.3m loss

Troubled Canterbury milk processor Synlait has posted a loss of $4.3 million for 2023 financial year, a major reversal from a $38m profit the previous year.

Synlait half-year profit tumbles

Despite a big drop in its half year profit Synlait Milk says there are a number of bright spots as reduced demand sees it extend out its recovery from two to three years.

Featured

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

Editorial: Passage to India

OPINION: Even before the National-led coalition came into power, India was very much at the fore of its trade agenda.

National

Govt urged to reduce ETS units

The Climate Change Commission wants the new Government to reduce NZ Emissions Trading Scheme (ETS) auction volumes as son as…

Dairy sheep, goat woes mount

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand…

Machinery & Products

All-terrain fert spreading mode

Effluent specialists the Samson Group have developed a new double unloading system to help optimise uphill and downhill organic fertiliser…

Can-Am showcases range

Based on industry data collected by the Motor Industry Association, Can-Am is the number one side-by-side manufacturer in New Zealand.

» Latest Print Issues Online

Milking It

Papal visit

OPINION: European farmers are going to extreme lengths to have their message heard.

Thai egg tarts

OPINION: The hustle and bustle of one of Bangkok's most popular fast food outlets may feel a world away from…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter