Synlait Loses Third CEO in Five Years as Richard Wyeth Resigns
Troubled milk processor Synlait has lost its third chief executive in five years.
The listed company, majority-owned by China's Bright Dairy, says manufacturing challenges at its Dunsandel plant are going to hit its full-year bottom line.
However, newly appointed chief executive Richard Wyeth remains upbeat.
He says the 2025 full-year result would be a "marked improvement" on last year.
The net loss for the year to the end of July is now forecast to be between $27 million and $40 million, as opposed to a $182m net loss last year.
However, manufacturing challenges at its Dunsandel facility across a range of product segments will result in one-off costs in FY25.
Synlait has faced a slew of problems - from manufacturing overcapacity to a costly spat with its second-largest shareholder and key customer a2 Milk Company.
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Wyeth, an industry veteran, is leading Synlait's recovery. He started in the role 10 weeks ago.
