Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
"This is a great personal and professional opportunity for Michael and a clear milestone in his international career," says John Penno, Synlait's chief executive and managing director.
Penno was disappointed to learn Stein will depart Synlait at the end of September, 2016 but fully supports his decision.
"We are an international business focused on developing our people. As a result, our organisation will continue to evolve as people at all levels are supported to meet their career goals. I wish Michael all the best in his next role."
Since joining in 2013, Stein has made a significant contribution in the quality and regulatory area, he says. This capability has underpinned Synlait's business growth, particularly with nutritional and speciality products.
"Michael has put a strong team in place and played a key role in establishing our on-site quality testing laboratory, which is well on track to full accreditation," says Penno.
Stein says he is proud of his achievements at Synlait and is looking forward to his new role in Singapore.
"This hasn't been an easy decision but it's the right one for me at this point in my career. I am honoured to have played a part in Synlati's growth and success during my tenure and thank the entire Synlait team for their support," says Stein.
