Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
“We’ve grown significantly since our IPO in 2013 and we will continue to grow quickly,” says managing director John Penno.
“To manage this and drive improvement in the business, we need a SLT that will not only work well today, but absolutely thrive when we’re much larger,” says Penno.
The expanded senior leadership team will consist of a seven-member executive leadership team (ELT) and a further six senior executives.
Graeme Milne, Synlait’s Chairman, says the board has worked closely with Penno to ensure the new structure will provide the business with the right level of leadership and management in all areas.
“With this structure, the SLT will be able to manage day to day operations in all areas while also maintaining a clear focus on overall leadership and business growth,” says Milne.
“In developing this structure, we paid careful attention to our future needs and ambitions. The Board is confident this structure will serve Synlait well in the years to come.”
Neil Betteridge will re-join the in January 2017 in the new ELT position of director, operations. Betteridge returns from a 12-month sabbatical to Tetra Pak in the Netherlands in 2016 and has just completed INSEAD's Advanced Management Programme in November as a recipient of a 2016 Prime Minister’s Business Scholarship.
Roger Schwarzenbach will join the SLT in January in the new position of general manager, innovation and technical services. Schwarzenbach brings more than 20 years’ experience in international dairy product development to Synlait and this appointment follows his most recent role as Technical Director for Glanbia Ingredients Ireland.
The expanded SLT structure will come into effect from 23 January 2017 and appointments to the three vacant roles (general manager, quality and regulatory; general manager, sales and general manager, manufacturing) will be announced in due course.
