Brighter future
OPINION: The abrupt departure of Synlait chief executive Grant Watson could be a sign that Chinese company Bright Dairy, the new majority owner of the listed company, is taking charge.
Troubled milk processor Synlait will have a new chairman and chief executive officer by 2022.
The Canterbury-based business has reported a net loss of $28.5 million and has announced the start of “a new chapter to return to robust profitability”.
Synlait has poached Miraka Milk chief executive Grant Watson to be its new CEO. Watson, who joined Miraka in February this year after a long stint at Fonterra, will start in his new role in January.
Acting CEO John Penno will take over as Synlait chairman when Graeme Milne retires at its annual general meeting in December.
Milne says Watson has a track record “of materially transforming and accelerating businesses by setting clear strategies, surrounding himself with diverse and talented people, and relentlessly driving execution to deliver strong sustainable results”.
Synlait released its annual results today: the heavy loss comes after nine years of profitability.
Penno says the financial result illustrates that the last financial year has been very challenging for Synlait.
“We have always had the enormous advantage of starting fresh some 13 years ago as a small part of a large, successful, and well-established global industry.
“Our strategy fundamentally plays to this competitive advantage and is driven by our purpose: Doing Milk Differently For A Healthier World.
“We have fallen short of delivering on this advantage.
“The opportunity to pause, learn, change, and then double down on delivering the potential Synlait’s board and management firmly believe is there is being approached with fresh energy and is our number one priority.”
NZPork has appointed Auckland-based Paul Bucknell as its new chair.
The Government claims to have delivered on its election promise to protect productive farmland from emissions trading scheme (ETS) but red meat farmers aren’t happy.
Foot and Mouth Disease outbreaks could have a detrimental impact on any country's rural sector, as seen in the United Kingdom's 2000 outbreak that saw the compulsory slaughter of over six million animals.
The Ministry for the Environment is joining as a national award sponsor in the Ballance Farm Environment Awards (BFEA from next year).
Kiwis are wasting less of their food than they were two years ago, and this has been enough to push New Zealand’s total household food waste bill lower, the 2025 Rabobank KiwiHarvest Food Waste survey has found.
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