Synlait Milk (ASX:SM1) today announced its long-time Chief Executive Officer and Founder John Penno intends to step down from his position in the next 12 months.
He intends to continue in a governance role as a company director on the board.
Synlait Chairman Graeme Milne said the decision has come at a time when the company can provide a well-managed leadership transition, with its strong balance sheet and clear future growth in place.
He said the board is embarking on an international search for the right person to lead the business into the future, with John Penno committed to continue in the role until a successor has been found.
John Penno has been the CEO and Managing Director of Synlait Milk for 12 years after founding the company five years prior.
Shares in Synlait Milk (ASX:SM1) closed 1.3 per cent higher to $6.99.