Two Major NZ Dairy Deals Completed
Two major acquisitions in the New Zealand dairy sector were completed this week.
Richard Wyeth, who was appointed to the role one year ago, has resigned, according to a NZX filing by the listed company.
Wyeth will remain with the company until June 30 to support an orderly transition and handover.
Synlait director Leon Fung has been named acting chief executive.
Struggling Since Covid-19
Synlait has been struggling to improve its financial performance since Covid impacted infant formula sales, particularly in China.
Leon Clements resigned as CEO in April 2021 after three years in the role. In October 2024, Grant Watson resigned after nearly three years in the role.
Wyeth, a former CEO at Miraka, was also head of Westland Milk until he stepped down early last year.
Both Westland and Synlait are controlled by Chinese dairy conglomerates.
Wyeth Made A 'Strong Contribution' to Synlait
Synlait says that since his appointment, Wyeth has made a strong contribution to the business, leading Synlait through a particularly challenging period with a clear focus on addressing key operational, quality and financial issues, rebuilding customer relationships, and positioning the company for its next phase.
“The board thanks Richard for his leadership, commitment, and contribution to the business and wishes him well for the future.”
Fung To Take Over
Synlait says Fung, an ordinarily resident in New Zealand, joined Synlait as a director in June 2024 and serving as chair of its People, Environment and Governance Committee from November 2025.
It says Fung has developed a strong understanding of the company’s operations and challenges, which positions him well to lead the business forward.
