NZ's Synlait Milk chief steps down, Dairyworks head appointed acting CEO (updated)

Synlait Milk

20/10/2024 21:19

(Adds details, background from paragraph 2 onwards)
       Oct 21 (Reuters) - New Zealand's Synlait Milk  SML.NZ 
said on Monday its chief executive, Grant Watson, had resigned
and the head of its Dairyworks business had been appointed as
acting chief of the milk processing firm. 
    Watson had taken over the CEO role in early 2022 and led the
firm at a time when it has been facing a cash crunch and weak
earnings. 
        Synlait Milk, which is seeking to raise NZ$217.8 million
($132.25 million) from its top two shareholders, A2 Milk
 ATM.NZ  and China's Bright Dairy, will begin a global search
process for the new company chief. 
        The infant formula maker took over Christchurch-based
cheese supplier Dairyworks for NZ$112 million in Oct. 2019 and
it has contributed significantly to Synlait's top and bottom
lines since then. 
  
        Dairyworks chief Tim Carter, who had formerly worked
with dairy giant Fonterra  FCG.NZ , will now lead Synlait till a
replacement is found while CFO of the cheese supplier, Aaron
Kenny, will be Dairywork's interim CEO. 
        
  
        ($1 = 1.6469 New Zealand dollars)

 (Reporting by Sneha Kumar; Editing by Andrew Heavens)
 ((Sneha.Kumar@thomsonreuters.com;))