Synlait Milk CEO Grant Watson resigns
Make us a preferred source
Make us a preferred source on Google
The news: Embattled New Zealand dairy producer Synlait Milk has announced the resignation of its CEO Grant Watson.
The numbers: Watson was appointed Synlait CEO in January 2022, having formerly served as CEO of fellow New Zealand dairy company Miraka after a decade at dairy co-operative Fonterra.
The context: Synlait said the board will commence a global recruitment process for Watson's replacement. Tim Cater, CEO of Synlait-owned Dairyworks, has been appointed acting CEO from Monday.
Last month, Synlait reported a full-year loss after heavy impairments against long-term assets. The result came days after the ASX- and NZX-listed company secured shareholder backing for a recapitalisation plan under which it issued new shares to its top two shareholders — China’s Bright Dairy and A2 Milk.
In July, Synlait withdrew its full-year guidance citing continuing uncertainty about the impact of higher than expected costs.
What they said: "Recent months have seen a long list of urgent challenges for Synlait, and Grant's ably led the team through them," said Synlait chair George Adams.
"Grant will take a well-deserved break before deciding on his next career move," he said.
The source: ASX announcement
