The acting CEO for Synlait Milk, Leon Fung, has been officially appointed to the role, five months after the resignation of Richard Wyeth. Fung has been a Synlait director since June 2024.
Fung has nearly 30 years’ experience in the dairy and nutrition sectors across production, operations, capital expenditure and engineering investment, and market development. Previous roles include CEO of NIG Nutritionals and operations director for Danone Oceania.
The appointment follows Synlait’s FY26 results, which it reported a net loss of $75.4 million on revenue of $1.94 billion, up 7.8 per cent. The company returned a second-half net profit of $5.2 million after an $80.6 million first half loss and reduced net debt to $215 million from $250.7 million.
Synlait chair, George Adams, said the appointment provided “continuity, clarity and momentum” for the company to continue its recovery.
Synlait is working through a three-stage recovery roadmap, Stabilise, Simplify and Scale, released with its half-year results in March. It has completed the sale of its North Island assets and is changing its balance date to 31 December.
“Since his appointment as 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,” Adams said.
Fung said, “My time on the Board means I had a strong understanding of the important role Synlait plays 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.”
Korn Ferry assisted with the permanent appointment process.
