New Zealand-based dairy group Synlait has confirmed interim chief Leon Fung as its permanent CEO.
Fung stepped into the top role on an acting basis in May following the departure of Richard Wyeth, who resigned after just a year at the helm.
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In a stock-exchange announcement today (21 October), Synlait chair George Adams said: “Since his appointment as acting CEO, Leon has demonstrated strong leadership and commercial discipline with a deep knowledge of dairy processing which has helped deliver Synlait’s operational stability.
“This appointment provides continuity, clarity and momentum as the company continues to execute its recovery roadmap.”
The filing described Fung as a “seasoned executive” in the dairy and nutrition sector, with nearly 30 years of experience spanning processing operations, capital expenditure projects and market development.
He also sat on Synlait’s board as a director since June 2024.
Commenting on his appointment, Fung said: “The five months I have spent as acting CEO have given me greater confidence in the company’s future.
“We are making progress and I look forward to navigating the challenges and capitalising on the opportunities ahead, so we return Synlait to success.”
Fung takes the permanent post as Synlait works to return to profit after a year in the red.
The company posted an annual net loss after tax of NZ$75.4m ($42.91m) for the financial year ended July 2026.
Reporting the results last month, Synlait said the figures reflected a “difficult first half”, followed by a second half in which it returned to “operational stability” after “improved financial performance”.
The company generated annual revenue of NZ$1.94bn, up from NZ$1.83bn a year earlier.
However, EBITDA fell from NZ$50.7m to NZ$8.1m. Net debt stood at NZ$215m at the end of the period.
At the time, Fung said: “The operational and financial results for the second half show Synlait is making progress, but we are not getting ahead of ourselves.
“Our focus is on working carefully to ensure Synlait’s recovery continues.”
In August, Synlait also rebuffed media reports that it was in talks to sell the business to The A2 Milk Company or Fonterra.
