Richard Wyeth lasted barely a year as chief executive of Synlait Milk. The New Zealand dairy processor confirmed his resignation on May 14, 2026. He will stay on until June 30 to help with the handover. The board wasted little time naming director Leon Fung as acting CEO, effective immediately.
But this isn’t an isolated departure. Synlait has now seen three chief executives come and go in five years. The pattern reveals deeper problems. Operational setbacks, mounting debt and volatile commodity prices have tested the company’s resilience. And the executive exits keep coming.
Wyeth joined in May 2025 after four years running Westland Milk Products. The board praised his efforts in a company statement. “Since his appointment, Richard has made a strong contribution to the business, leading Synlait through a particularly challenging period with a clear focus on addressing key operational, quality and financial issues, rebuilding customer relationships, and positioning the company for its next phase,” it said. The board thanked him for his leadership and wished him well.
Yet the numbers tell a harsher story. In March, Synlait reported an $80.6 million net loss for the six months ended January 31, 2026. That compared with a $4.8 million profit a year earlier. Yahoo Finance covered the results in detail. EBITDA swung to a $34.7 million loss from a $63 million gain. Net debt surged 88 percent to $472.1 million. Revenue rose modestly to $949 million, but that offered little comfort.
Wyeth himself described the outcome as frustratingly disappointing. “They are the result of a period where Synlait faced multiple headwinds and had little choice as to how to deal with them,” he said at the time. “They reflect a severe lack of optionality, not effort.” He pointed to manufacturing issues, surplus milk and sharply falling milk powder prices. A perfect storm, the company called it.
The challenges trace back years. Covid-19 battered infant formula demand, especially in China. Synlait’s key customer, The a2 Milk Company, faced its own pressures. Recalls added pain. Last month a2 Milk pulled product after detecting cereulide toxin. Synlait had already ramped up testing, which slowed releases and tied up working capital.
Leadership churn compounded the pressure. Leon Clements stepped down in April 2021 after three years. Grant Watson followed in October 2024, having served nearly three years. Rural News Group laid out the sequence clearly. Three CEOs in five years. Few organizations survive that without scars.
Now more exits have followed. In recent weeks Synlait lost its chief quality officer and chief supply chain and technology officer. An independent director, Paulk McGilvary, resigned this week too. Fool.com.au called it the latest in a line of executive departures. Stability feels elusive.
Fung brings operational depth. His career covers nearly 30 years in production, operations, capital investments and market development. He previously served as CEO of NIG Nutritionals and operations director for Danone Oceania. He joined Synlait’s board in June 2024 and began chairing its people, environment and governance committee in November 2025. The board believes his inside knowledge positions him well to guide the next phase.
Yet acting CEOs rarely stay long. The board will soon hunt for a permanent replacement. That search arrives at a delicate moment. Synlait has sold its North Island assets to Abbott Laboratories. The deal closed in late March. Executives hailed it as a turning point that would simplify the business and sharpen focus on South Island operations.
Even so, recovery won’t happen overnight. The company outlined a three-part plan in March. Stabilize. Simplify. Scale. It cut its 2025/26 milk price forecast amid global supply pressure. No financial guidance for the full year. Bright Dairy, Synlait’s majority owner, felt the pain in its own first-quarter results.
Share price reflects the strain. Synlait closed recently around 38.5 cents, giving it a market value near $232 million. Investors have grown weary of repeated setbacks. Commodity swings, quality scares and debt levels have eroded confidence.
And the industry context doesn’t help. Global dairy markets remain unforgiving. Milk powder prices collapsed late last year. Infant nutrition faces regulatory and consumer shifts in Asia. Synlait once enjoyed strong growth from specialized ingredients and infant formula. Those tailwinds have faded.
Fung steps in with eyes wide open. He knows the operations. He understands the challenges. But turning around a business that has burned cash and lost leaders requires more than continuity. It demands decisive moves on costs, customer contracts and capital structure.
The board insists Wyeth leaves the company better positioned. Relationships rebuilt. Issues confronted. Yet the rapid CEO turnover raises questions about governance and strategy consistency. Each new leader brings fresh ideas. Few see them through.
Synlait’s story isn’t unique among mid-sized dairy processors. Many have struggled since the pandemic reordered supply chains and demand. But repeated leadership changes amplify risk. They slow decision-making. They unsettle staff and suppliers alike.
What comes next matters. A permanent CEO must balance short-term stability with long-term growth. Debt reduction. Operational reliability. Diversification beyond volatile commodities. The asset sale bought breathing room. Whether the company uses it effectively will decide its future.
Wyeth’s exit marks another chapter in Synlait’s turbulent recent history. The board has expressed gratitude. The market has registered the news with little fanfare. Leon Fung now holds the reins. The test ahead is whether this latest change breaks the cycle or simply extends it.
WebProNews is an iEntry Publication