Synlait Milk CEO Richard Wyeth has stepped down after a year at the top of the New Zealand-based dairy company.
The publicly listed business confirmed his departure in a stock-exchange filing today (14 May). It said the board has accepted his resignation.
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Wyeth will remain with the business until 30 June to ensure an “orderly transition and handover”, the statement said.
He took on the top job on 19 May last year after spending four years at fellow New Zealand group Westland Milk Products.
Synlait credited Wyeth with making a “strong contribution to the business” during a “particularly challenging period”.
The dairy and infant-formula business has appointed director Leon Fung acting CEO, effective immediately. Previously, Fung has held senior roles including CEO of NIG Nutritionals and operations director at Danone’s business in Oceania.
“Since joining Synlait as a director in June 2024 and serving as chair of its people, environment and governance committee from November 2025, Leon has developed a strong understanding of the company’s operations and challenges, which positions him well to lead the business forward,” the statement added.
In the last month, Synlait has also announced the resignations of its chief quality officer and its chief supply chain officer.
In March, Synlait outlined its plans for “recovery” after posting a half-year loss of more than NZ$80m (US$47.1m).
The NZ$80.6m net loss Synlait ran up in the six months to the end of January compared to a net profit after tax of NZ$4.8m a year earlier.
Synlait also booked a loss at the EBITDA level of NZ$35m, a swing from a positive EBITDA of NZ$63m in the opening six months of the previous financial year. Net debt jumped 88% to NZ$472.1m. On a brighter note, revenue increased 3.5% to NZ$949m.
At the time, Wyeth said: “The numbers we are presenting today are frustratingly disappointing. They are the result of a period where Synlait faced multiple headwinds and had little choice as to how to deal with them. They reflect a severe lack of optionality, not effort and they do not define the company’s future – although recovery will take time.”
A fortnight later, the company announced it had completed the sales of assets in New Zealand’s North Island to US infant-formula group Abbott Nutritionals.
Wyeth described the deal as “an important turning point for Synlait” that would “strengthen and simplify our business”.
Last month, Synlait customer A2 Milk Co. joined the companies to have recalled infant formula after detecting the presence of the cereulide toxin.
A2 Milk said it was voluntarily retracting three batches of baby formula sold in the US but said the “product had been discontinued and removed from sale prior to the initiation of the recall” on 1 May.
Synlait said in a separate filing it was working with A2 Milk to “assist” with the recall, repeating the disclaimer that the affected formula had already been discontinued from sale.
