Richard Wyeth has been appointed as the new CEO of Synlait Milk, effective May 19, 2025, stepping into a leadership role during a pivotal moment for the company. With a strong background in the dairy industry, including his tenure as CEO of Westland Milk Products, Wyeth is expected to steer Synlait through its financial recovery. The company has faced significant challenges, including multiple profit warnings and debt restructuring, but recent support from shareholders offers a foundation for growth. Synlait’s chair, George Adams, has expressed confidence in Wyeth’s ability to lead the company toward stability and profitability, calling him a “seasoned, tested, and highly regarded CEO in New Zealand’s dairy industry.”
Richard Wyeth’s Experience and Leadership
Richard Wyeth’s appointment comes at a critical time for Synlait Milk. His extensive experience in the dairy sector, particularly his four-year stint as CEO of Westland Milk Products, positions him as a strategic leader for the company. Wyeth’s track record includes managing complex financial situations, making him well-suited to address Synlait’s current challenges. His resignation from Westland in January 2025 marked a transition that has now led him to take on this new role, where he’s expected to focus on recovery and growth.
Wyeth’s leadership will be crucial in guiding Synlait through its financial restructuring. With the company’s recent struggles, including a decline in EBITDA and profit warnings, his ability to implement effective strategies will be key. Synlait’s chair, George Adams, has emphasized Wyeth’s proven track record, stating that his expertise will help stabilize the company. This appointment signals a new chapter for Synlait, with a focus on rebuilding trust and delivering results.
Synlait’s Financial Challenges and Recovery Efforts
Synlait Milk has faced significant financial difficulties in recent years, with multiple profit warnings and a need for debt restructuring. The company, listed on both the New Zealand and Australian stock exchanges, has worked to stabilize its finances through an equity raise and refinancing completed in October 2024. This move has provided much-needed support, allowing Synlait to address its immediate financial concerns and focus on long-term recovery.
The projected first-half EBITDA for fiscal year 2025 is expected to range between NZ$58 million and NZ$63 million, a significant improvement from the NZ$19.9 million EBITDA reported in the previous six months. This positive turnaround reflects the company’s efforts to address its financial challenges and implement effective strategies. However, acting CEO Tim Carter has acknowledged that more work is needed to secure the business’s future. Synlait’s half-year results, due on March 24, 2025, will provide further insight into its recovery progress.
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Shareholder Support and Strategic Focus
Synlait’s recovery efforts have been bolstered by the support of its largest shareholders, Bright Dairy and A2 Milk. Bright Dairy holds a 65.3% stake in the company, while A2 Milk owns 19.8%. The equity raise completed in October 2024 has provided a solid foundation for Synlait’s business recovery, enabling the company to focus on strategic growth and innovation. This support has been instrumental in helping Synlait address its financial challenges and move toward a more stable future.
Chairman George Adams has emphasized the importance of resolving financial challenges to focus on the company’s broader strategy. With the backing of its major shareholders, Synlait is well-positioned to implement its recovery plan and pursue new opportunities in the dairy industry. This partnership highlights the collaborative efforts needed to navigate complex financial situations and achieve long-term success.
Outlook Under Richard Wyeth’s Leadership
With Richard Wyeth at the helm, Synlait is aiming to accelerate its recovery and return to profitability. His extensive experience in the dairy industry, combined with the support of key shareholders, provides a strong foundation for growth. The company’s projected first-half EBITDA for 2025 represents a positive step forward, signaling progress in its recovery efforts. Wyeth’s leadership will be critical in driving this momentum and ensuring Synlait’s long-term success.
Chairman George Adams has expressed confidence in Wyeth’s ability to lead the company through this challenging period. His proven track record in the dairy industry positions him as a capable leader who can navigate Synlait’s recovery and steer it toward profitability. As the company prepares to release its half-year results on March 24, 2025, stakeholders will be watching closely to see the impact of Wyeth’s leadership and the progress of its recovery plan.
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Final Thoughts
The appointment of Richard Wyeth as CEO marks a significant turning point for Synlait Milk. His leadership, combined with the support of major shareholders, offers hope for the company’s recovery and future growth. Synlait’s financial challenges have been substantial, but recent efforts to stabilize its finances and improve EBITDA projections show promise. As the company moves forward, all eyes will be on Wyeth to lead Synlait back to profitability and success in the dairy industry.
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