Monday, 27 September 2021 10:23

New chair, CEO for Synlait

Written by  Sudesh Kissun
Miraka chief executive Grant Watson will take over as chief executive of Synlait in January Miraka chief executive Grant Watson will take over as chief executive of Synlait in January

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.”

More like this

Creaming China

Despite being in financial doldrums, Synlait has created a five-year foodservice strategy that will target the Chinese market.

Synlait posts $4.3m loss

Troubled Canterbury milk processor Synlait has posted a loss of $4.3 million for 2023 financial year, a major reversal from a $38m profit the previous year.

Synlait half-year profit tumbles

Despite a big drop in its half year profit Synlait Milk says there are a number of bright spots as reduced demand sees it extend out its recovery from two to three years.

Featured

Vaccinate against new lepto strain

A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.

Funding boost for red meat

Two major red meat sector projects are getting up to a combined $1.7 million in funding from the New Zealand Meat Board (NZMB).

Otago's supreme winner

Angus Barr and Tara Dwyer of The Wandle, Lone Star Farms in Strath Taieri have been named the Regional Supreme Winners at the Otago Ballance Farm Environment Awards in Dunedin.

Editorial: Wake up Wellington

OPINION: The distress that the politicians and bureaucrats are causing to the people of Wairoa and the wider Tairāwhiti is unforgivable.

TV series to combat food waste

Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.

National

Frontline biosecurity 'untouchable'

Biosecurity Minister Andrew Hoggard has reiterated that 'frontline' biosecurity services within Ministry for Primary Industries (MPI) will not be cut…

Machinery & Products

New name, new ideas

KGM New Zealand, is part of the London headquartered Inchcape Group, who increased its NZ presence in August 2023 with…

All-terrain fert spreading mode

Effluent specialists the Samson Group have developed a new double unloading system to help optimise uphill and downhill organic fertiliser…

» Latest Print Issues Online

Milking It

Plant-based bubble bursts

OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter