Synlait’s Longest-Serving Employee Joins Executive Team
Synlait's longest serving employee – a man who joined the Canterbury-based milk processor even before it began processing milk – is now its newest executive.
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.
