Synlait Loses Third CEO in Five Years as Richard Wyeth Resigns
Troubled milk processor Synlait has lost its third chief executive in five years.
This was confirmed when the listed company proudly announced that a significant majority of the cease notices issued to the company by farmer suppliers are now withdrawn.
The company's 200 farmer suppliers threatened to vote with their feet as Synlait faced financial doldrums. The company says farmer support provides them with valuable certainty and reflects growing confidence in the company on the back of return to profitability.
Synlait's turnaround is reflecting on its share price: after dropping to 45c/share. In January this year, it jumped to over $1 on March 20 before slipping back and settling around 75c last week.
