Synlait co-founder and chair John Penno steps down
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The news: New Zealand dairy producer Synlait Milk has announced that its co-founder and chair John Penno has stepped down, effective immediately, and independent director George Adams has been elected to replace him.
The numbers: Penno co-founded the company in 2000 and was managing director and CEO for 12 years. Adams, who previously held leadership positions at Coca-Cola Amatil New Zealand and British Telecom Northern Ireland, was appointed as an independent director of Synlait in March 2024.
In April, Synlait shares tumbled after posting a half-year net loss of NZD96.2 million ($88.2 million), as the NZX and ASX-listed company warned it is facing material uncertainties with regard to its debt payments.
The context: Synlait said Adams' transition to the chair role follows the previously signalled plan that acting chair Paul McGilvary would return to his position as an independent director once a permanent successor was found.
What they said: Penno said: "I fully support George’s appointment as chair and remain committed to Synlait’s future as a co-founder and shareholder."
"Synlait has come a long way since we co-founded the company buying a farm in Te Pirita near Dunsandel almost 25 years ago," he said. "We now take world-class nutrition products to the world and have played a disruptive role in the growth of the New Zealand dairy industry. I am proud of what we have achieved. However, now is the right time for me to leave my leadership role with Synlait."
Adams said: "It is a privilege to be chair of Synlait. I look forward to helping oversee Synlait’s path back to profitability and support Grant and his executive team’s execution of the strategy to do so."
The source: ASX announcement
