Synlait Milk appoints Richard Wyeth as new CEO 

NEW ZEALAND – New Zealand’s dairy and infant-formula company Synlait Milk has named Richard Wyeth as its new chief executive officer, marking a fresh chapter for the business. 

Wyeth, a seasoned leader in the dairy sector, will assume the role on May 19, 2025, succeeding Tim Carter, who has served as acting CEO since October. 

Carter will then return to his position as CEO of Dairyworks, a Synlait subsidiary. 

The announcement follows Wyeth’s resignation in January from Westland Milk Products, another New Zealand dairy group, after four years at its helm, as reported by the company.

Synlait chair George Adams praised Wyeth’s appointment, describing him as a “seasoned, tested, and highly regarded CEO in New Zealand’s dairy industry.” 

“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.” he said. 

Wyeth brings extensive experience to the role, having founded Open Country Dairy and held senior positions at Coca-Cola Amatil and DB Breweries. 

Speaking on his appointment, 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.” 

His leadership is expected to steer Synlait toward sustained growth as it rebuilds from a challenging year.

The transition comes after a turbulent period for Synlait, which last year grappled with financial struggles, including profit warnings and threats from its farmer milk network to halt supplies. 

The company also required support from its largest shareholders to stay afloat.

A report by Synlait detailed how the business completed a debt restructuring with creditors in September and resolved a prolonged contractual and pricing dispute with its second-largest shareholder, The A2 Milk Co., in August. 

Following an equity raise, Bright Dairy now holds a 65.3% stake in Synlait, while A2 Milk owns 19.8%. 

These moves have bolstered the company’s financial position, with half-year results due on March 24 expected to show an EBITDA of NZ$58m to NZ$63m (US$33.1m to US$36m). 

This marks a significant improvement from the NZ$19.9m reported for the first half of the 2024 fiscal year and a full-year loss of NZ$4.1m for the 12 months ending July 31.

According to Synlait, its brighter outlook stems from new nutrition product contracts, a streamlined product mix, and workforce reductions. 

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