Saturday, 16 February 2019


GENERAL: SML: Synlait CEO signals departure next year, intends to continu

29 Nov 2017 08:33NZX
Synlait Milk (NZX: SML; ASX: SM1) today announced that long-time Chief
Executive Officer and founder John Penno intends to step down from his
position in the next 12 months, as part of an orderly transition to position
Synlait for its next phase of growth.

"John has been an exceptional leader for Synlait, but there was always going
to be a time when he would move on to fresh challenges. I am glad John''s
decision has come at a time where we can provide a well-managed leadership
transition. The company is in very healthy shape with a strong balance sheet
and a clear future growth plan," said Graeme Milne, Synlait Chairman.

Mr Penno has been the CEO and Managing Director of Synlait Milk for 12 years,
and a founder of Synlait five years before that.
"The Board is embarking on an international search for the right person to
lead the business into the future, and John has committed to continuing in
the role of CEO until a successor is found and in place."

"The new CEO will be taking on a company in strong shape, and with a clear
vision and growth strategy.  Synlait has grown from a start-up in the early
2000s to a highly profitable company listed on the NZX and ASX, with a team
of 600 staff, a blue chip set of customers focused in the infant formula
category, and committed farmer suppliers. It is currently earning annual
revenue of $759 million and has a market capitalisation of over $1.3

"From this platform, the company is looking for a CEO with the skills and
experiences to take Synlait up another level. We have already signalled to
shareholders our intention to continue to develop our infant formula
business, and enter new categories where there are significant

"We have expressed our desire for John to continue in a governance role on
the Synlait Milk Board of Directors," said Mr Milne.

"After 17 years of living and breathing this company, it is time to move on,
but I share the Board''s intention for me to continue as a Director of Synlait
Milk," said Mr Penno.

"There will be very clear processes to ensure the incoming CEO has the
freedom and scope to make her or his mark on Synlait''s future, and I''m
looking forward to taking a supporting role."

"Once the new CEO is in place, I am looking forward to getting back to my
entrepreneurial roots and will be looking for opportunities to get involved
with start-ups and young companies, which is where my wife, Maury, and I want
to continue to make a contribution."
End CA:00311126 For:SML    Type:GENERAL    Time:2017-11-29 08:33:39
Views: 190
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