Bakers prefer butter, helping prices soar
Consumers around the world are willing to pay more for products containing dairy and this is driving demand for butter and cream, says Fonterra.
Chief executive Grant Watson has resigned. Synlait subsidiary, Dairyworks chief executive Tim Carter has been appointed acting CEO from today.
Watson, who took up the role in January 2022, has overseen the company through an unprecedented era in its history – suffering heavy losses and a recapitalisation programme that saw Bright Dairy increase its stake.
Synlait Chair George Adams says recent months have seen a long list of urgent challenges for Synlait, and Watson’s ably led the team through them.
“His achievements are extensive and notably include our balance sheet's recent, successful reset.”
Watson says Synlait is an amazing and agile company, which he has been honoured to lead.
“Working with our passionate employees and farmers who care deeply about Synlait’s success has been a privilege. Our team’s determination and dedication to deliver has also been a real highlight. I wish Synlait all the best for a successful future.”
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Adams notes that Watson’s tenure has been incredibly busy – notably resetting Synlait’s strategy to reduce customer and market concentration risk, commercialising plant-based production at Pokeno and the foodservice business in Canterbury, extending reach into South East Asia, maintaining China market access, and building an outstanding executive team.
“Grant will take a well-deserved break before deciding his next career move. He has set a strong platform for Synlait going forward, the Board is extremely grateful for this and wishes him all the best.”
Synlait says Carter’s leadership, Dairyworks has performed impressively over the past six years, recently delivering a record EBITDA result due to strong sales growth, operational stability, and low staff turnover. Aaron Kenny, Dairyworks' chief financial officer, will act as Dairyworks CEO in the interim.
