Synlait Milk confirms CEO Richard Wyeth’s departure following a NZ$80.6m half-year loss and recent executive exits.
Synlait Milk announced the resignation of CEO Richard Wyeth after one year in the role, effective 30 June. Wyeth will stay on to ensure an orderly transition as the company faces financial challenges, including a NZ$80.6m ($47.1m) net loss for the six months ending January.
The loss contrasts with a prior-period profit and follows recent resignations of key executives, including the chief quality and supply chain officers. Synlait outlined a recovery plan in March after reporting the half-year results.
Leon Fung, a Synlait director, has been appointed acting CEO. The company credited Wyeth with contributing during a difficult period but did not specify reasons for his departure.