Synlait Milk CEO Richard Wyeth steps down after one year in role

NEW ZEALAND – Synlait Milk has confirmed that chief executive officer Richard Wyeth has resigned and will remain with the company until 30 June 2026 to oversee an orderly transition.

Wyeth joined Synlait in May 2025 and has served as CEO through a period focused on operational, quality and financial stabilisation. The board said he made a strong contribution during his tenure, particularly in addressing key performance issues and supporting efforts to rebuild customer relationships.

Before joining Synlait, Wyeth held senior leadership roles including chief executive of Westland Milk Products from 2021 to 2025 and chief executive of Miraka Limited from 2010 to 2021.

Fung brings nearly 30 years of experience across manufacturing, operations, capital investment and market development. His previous senior roles include chief executive of NIG Nutritionals and operations director for Danone Oceania.

He joined Synlait as a director in June 2024 and has served as chair of the company’s People, Environment and Governance Committee since November 2025.

Synlait said this has given him detailed insight into its operations and current challenges, positioning him to lead the business during the transition period.

The company reported a revenue of US$550 million (NZ$949 million), in its half-year results for the six months ended 31 January 2026.

The EBITDA loss is US$20.23 million (NZ$34.7 million), with underlying EBITDA of US$2.39 million (NZ$4.1 million).

Reported net loss after tax is US$46.97 million (NZ$80.6 million), with an underlying net loss after tax of US$15.83 million (NZ$27.3 million).

Net debt is $472.1 million, an increase of 88%, while Gross profit is US$1.80 million (NZ$3.1 million), a decrease of US$48.66 million (NZ$83.9 million).

In 2025, the company took immediate steps to bolster its financial liquidity by temporarily increasing its existing banking facilities by US$28.34 million ($50 million).

The action directly addresses the persistent financial strain caused by costs associated with significant prior manufacturing challenges.

Despite this necessary capital injection, the company confirmed that it remains fully compliant with all its existing banking covenants.

The need for this increased working capital stems primarily from manufacturing challenges experienced at the company’s crucial Dunsandel site during the second half of the previous financial year.

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