Synlait Appoints Acting CEO as Richard Wyeth Steps Down in June

Leadership Change Amid Operational Struggles

Synlait Milk Limited (NZX:SML, ASX:SM1) has announced the resignation of CEO Richard Wyeth, who will remain with the company until 30 June 2026 to facilitate a smooth handover. Wyeth’s tenure was marked by a focus on addressing significant operational, quality, and financial issues, as well as repairing strained customer relationships. His departure comes at a time when Synlait continues to navigate persistent challenges in its supply chain and market environment.

Taking the helm immediately as Acting CEO is Leon Fung, a Synlait director since June 2024 and Chair of its People, Environment and Governance Committee since November 2025. Fung’s nearly three decades of experience span production, operations, capital investments, and market development, with previous senior leadership roles including CEO of NIG Nutritionals Limited and Operations Director for Danone Oceania. This background equips him to lead Synlait through its current phase.

Continuity in a Volatile Market

Wyeth’s leadership occurred against a backdrop of ongoing supply chain disruptions and financial pressures that have affected Synlait’s performance. The company recently flagged extended product release delays and volatile infant formula market conditions, with no guidance provided for the full year 2026, reflecting the uncertain environment. Meanwhile, Synlait secured waivers on key banking covenants for the quarter ending April 2026, underscoring the financial headwinds it faces.

Fung’s appointment as Acting CEO seeks to maintain operational continuity and stability during this turbulent period. His familiarity with Synlait’s internal workings and external challenges positions him as a steady hand to oversee strategy and execution while the company searches for a permanent CEO.

Questions Around Future Direction

The announcement leaves open questions about the timing and profile of the next permanent CEO, as well as any strategic shifts that may follow. With Synlait’s operational and financial pressures persisting, leadership decisions will be closely watched by investors and industry observers. The transition also raises the stakes on how effectively the company can stabilise its supply chain and rebuild market confidence under Fung’s interim stewardship.