Synlait appoints Leon Fung as CEO

NEW ZEALAND – Synlait Milk Limited (Synlait) has appointed Leon Fung as its Chief Executive Officer.

Leon was appointed Acting CEO on 14 May 2026 and has served as a Synlait Director since June 2024. A seasoned executive in the dairy and nutrition sectors, Leon brings nearly 30 years of experience across production, operations, CAPEX engineering investments, and market development.

The company stated that his executive track record is defined by scaling operations, optimising supply chains, and building high-performing teams across Asia-Pacific markets.

Chair George Adams noted that since he was appointed 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.

Leon Fung commented: “My time on the Board means I had a strong understanding of the important role Synlait places in New Zealand’s dairy sector. 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.”

Leon replaces Richard Wyeth, who stepped down after one year in the role. Wyeth joined Synlait in May 2025 and served as CEO through a period focused on operational, quality and financial stabilisation.

Synlait Milk Limited reports US$1.1B revenue in FY2026

The company reported revenue of US$1.1 billion in FY 2026, reflecting a difficult first half, followed by a second half in which a return to operational stability flowed through to improved financial performance.

Reported EBITDA was US$4.58 million, with underlying EBITDA was US$26.18 million with a reported net loss after tax of US$42.61 million), with an underlying net loss after tax of US$12.21 million.

As a result of year-end processes and the finalisation of the milk price for 2025/26, the EBITDA and NPAT measures above sit slightly outside the range Synlait provided in its August performance update1.

Synlait’s operations recovered in the second half of the year: manufactured in Spec (MIS) rose from 91% in the first half to 95%, and plan attainment increased from 90% in the first half to 103%.

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