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.”
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
Selecting the reverse gear quicker than a lovestruck boyfriend who has met the in-laws for the first time, the Coalition Government has confirmed that the proposal to amend Fringe Benefit Tax (FBT) charged against farm utes has been canned.
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