Synlait Milk has accepted the resignation of CEO, Richard Wyeth, less than a year into his tenure at the dairy processor, with director Leon Fung stepping in as acting CEO.
Wyeth was appointed in March 2025 and joined the business on 19 May 2025, taking the role from acting CEO, Tim Carter, during a critical period of financial and operational stabilisation.
Wyeth’s tenure covered some of the most consequential decisions in Synlait’s recent history: the NZ$307 million sale of its North Island assets, including the Pŋkeno manufacturing facility, to Abbott Laboratories, which settled in April 2026; ongoing resolution of the company’s turbulent relationship with a2 Milk Company; and a frustratingly weak HY26 result for the six months to 31 January 2026, which recorded an underlying NPAT loss of NZ$27.3 million.
The company gave no reason for Wyeth’s departure. The board’s statement credited him with leading Synlait through a particularly challenging period, focusing on operational, quality, and financial issues, rebuilding customer relationships, and positioning the business for its next phase. Wyeth will remain until 30 June.
His exit is the third senior departure from Synlait in the last three weeks. Independent director, Paul McGilvary, resigned from the board on 11 May, after joining in 2022. His replacement, Katherine Turner, was announced on 18 May.
Chief quality officer, Hila Mory, resigned at the end of April, while chief Supply Chain and Technology officer, Robert Stowell, announcing his resignation on 8 April. At the beginning of March, director On-Farm Excellence, Business Sustainability and Corporate Affairs, Charles Fergusson, also resigned, after two years with the company.
Fung brings nearly 30 years of experience across production, operations, capital investment, and market development. His senior leadership background includes serving as CEO of NIG Nutritionals and operations director for Danone Oceania.
He joined Synlait’s board as a director in June 2024 and has chaired the People, Environment and Governance Committee since November 2025.
Synlait also disclosed this week that it had received two waivers in relation to its syndicated bank facilities, a signal that covenants remain under pressure despite the balance sheet relief delivered by the Abbott transaction.
No timeline for a permanent CEO appointment has been indicated.
