New Zealand dairy and infant-formula business Synlait Milk has appointed Richard Wyeth as its new CEO.
In January, fellow New Zealand group Westland Milk Products said Wyeth had resigned after four years at the helm.
Wyeth will take the Synlait CEO role on 19 May. Until then, Tim Carter will continue as acting CEO before returning to his position as CEO of Dairyworks, a Synlait subsidiary. Carter has been acting CEO since October following Grant Watson’s departure after a challenging year for Synlait.
Synlait chair George Adams described Wyeth as a “seasoned, tested, and highly regarded CEO in New Zealand’s dairy industry”.
Adams added: “Momentum is building within Synlait. Tim has played an instrumental role in driving this step change in the company’s performance and ensuring we are on track to return to profitability at half year.”
Last year, the company faced financial difficulties, requiring support from its largest shareholders, and dealt with threats from its farmer milk network to withdraw supplies, alongside a series of profit warnings.
In September, the company completed a debt restructuring with creditors and settled a long-running contractual and pricing dispute with its second-largest shareholder, The A2 Milk Co., in August.
Bright Dairy now owns 65.3% of Synlait after taking part in the equity raise, while A2 Milk holds 19.8% after also contributing to the financing.
Synlait’s half-year results, due on 24 March, are expected to show an EBITDA of NZ$58m to NZ$63m ($33.1m to $36m).
That would represent an improvement on the NZ$19.9m reported for the opening six months of the 2024 fiscal period and the full-year outcome of a NZ$4.1m loss for the 12 months to 31 July.
Announcing its positive outlook last month, the New Zealand- and Australia-listed company credited its improved profitability to securing new business in nutrition products, optimising its product mix, and reducing its workforce.
Synlait added Wyeth has a “long history within the New Zealand food and fibre sector”, including establishing Open Country Dairy.
In addition to his roles in the dairy industry, Wyeth has held management positions with Coca-Cola Amatil and DB Breweries.
Wyeth said: “Synlait’s fundamentals are strong. The fact it is now on track to return to profitability, after overcoming a list of challenges, reflects exceptional capability within the team.”
