Synlait Milk shares jump on CEO appointment
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More news: Shares in Synlait Milk jumped in early trading after it announced that it had appointed Richard Wyeth as its new chief executive.
Synlait shares were up 5.16% to $0.82 by 11:08am AEDT.
Wyeth will start in the role on 19 May, following the resignation of Grant Watson in October.
Synlait Milk names Richard Wyeth as new CEO
The news: New Zealand dairy producer Synlait Milk has appointed industry veteran Richard Wyeth as its new chief executive officer.
The numbers: Wyeth will start his new role from 19 May. Tim Carter will remain in the acting CEO position until then, before returning to his role as Dairyworks boss.
The context: Wyeth’s appointment comes after the resignation of Grant Watson in October. Wyeth is a seasoned dairy industry executive, having previously served as CEO of Westland Milk Products and dairy company Miraka.
ASX- and NZX-listed Synlait reported a full-year loss after heavy impairments in September, after securing shareholder backing for a recapitalisation plan under which it issued new shares to its top two shareholders — China’s Bright Dairy and A2 Milk.
The source: ASX
