Tuesday, 05 October 2021 11:00

Too much sizzle?

Written by The Hound

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OPINION: A mate of yours truly asks if the financial pickle that milk company Synlait currently finds itself in is a case of the people supposed to be in charge of the company taking their eyes off the ball.

The majority Chinese-owned dairy company - once the darling of financial markets - now has analysts saying it will take several years to recover after posting its recent financial loss.

John Penno was parachuted in as chief executive again, but his so-called Midas touch appears to have disappeared, with the company now selling assets and culling staff.

This old mutt's sources say while Penno appears to be good at selling the sizzle, there was never much sausage behind this and that is now coming home to roost.

They are also questioning the time Penno spent last year spruiking the Government's hugely unpopular new freshwater regulations when things at Synlait were turning pear-shaped.

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