New critical role for embattled Synlait’s CFO
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The news: Embattled New Zealand dairy producer Synlait Milk has moved chief financial officer Rob Stowell to a new position overseeing crucial strategic priorities as it races to repair its finances.
The context: Stowell will move to the newly-created chief commercial officer position where he will oversee several critical strategic initiatives including the sale of Dairyworks, the North Island strategic assets review, a potential equity raise and the banking syndicate relationship.
Synlait has appointed Charles Fergusson as its acting CFO as it searches for a permanent replacement.
The change comes after the NZX and ASX-listed company last week reported a hefty first-half loss and warned it is facing material uncertainties with regard to its debt payments after heavy writedowns and worsening relations with top customer and major shareholder A2Milk.
The company has negotiated an extension for a NZD130 million loan repayment with its banking syndicate and also looked to speed up the sale of its underperforming North Island manufacturing facilities and Dairyworks assets.
What they said: "Rob's long-serving Synlait experience and strength of relationships will allow these work streams to be accelerated with pace," the company said on Tuesday.
The source: ASX announcement
