Synlait’s financial turnaround halts supplier exodus
A marked turnaround in the financial performance of Canterbury milk company Synlait has halted a threatening exodus of farmer suppliers.
Wyeth, a seasoned dairy industry leader, stepped down from Westland last month.
He takes as Synlait from acting chief executive Tim Carter, who will return to his role as chief executive of Dairyworks, a Synlait subsidiary.
Synlait chair George Adams says Wyeth is a seasoned, tested, and highly regarded CEO in New Zealand's dairy industry. “Synlait is extremely fortunate to have the opportunity to benefit from Richard's extensive experience growing companies in our sector. He has positively transformed dairy companies, and we are excited he is joining Synlait.”
Wyeth will be well known to many in the dairy community having previously been CEO of both Westland Milk Products and Taupo-based dairy company Miraka. He also helped establish Open Country Dairy and held management positions with Coca-Cola Amatil and DB Breweries prior to this.
Wyeth says Synlait's fundamentals are strong.
“The fact it’s now on track to return to profitability, after overcoming a list of challenges, reflects exceptional capability within the team. I'm looking forward to getting to know Synlait's farmers and staff to build on, and support, the turnaround story, which is already underway."
Adams thanked Carter for his stint as acting chief executive.
“Momentum is building within Synlait. Tim has played an instrumental role in driving this step change in the company’s performance and ensuring we are on track to return to profitability at half year.”
