Synlait CEO Resignation Highlights Deeper Challenges Facing Dairy Processor
A revolving door of chief executives at milk processor Synlait is a warning sign, says Lincon University senior lecturer in agribusiness Nic Lees.
The listed company recently decided to offload two cheese companies it had only purchased two years ago.
Now, the biggest shareholder - Bright Dairy of China - is ringing changes to its board representatives. It's replacing two of its four board members. Bright Dairy owns 39% of Synlait and the company's financial woes in recent years would be concerning to the Chinese conglomerate.
The company's two new board members will be chief financial officer Liu 'Ryan' Ruibing and vice president Zhu 'Julia' Yi. It has four seats on the Synlait board.
