Synlait (ASX:SM1) sees 3rd executive-level departure in 2 months

Company News

by Michael Luu

Under-pressure dairy processing company Synlait Milk (ASX:SM1) has farewelled the third top staffer in two months.

The company’s chief financial officer Angela Dixon has announced her resignation, following former CEO Leon Clement and director of operations Mark Toomey’s departures from the New Zealand-based dairy producer.

The three departures came in the wake of the $630 million company’s first-half report, denoting pandemic-induced challenges caused the company’s net income to slump by a staggering 76 per cent.

The company was confronted with logistical difficulty, transportation delays and an abrupt drop in demand for infant formula products. Increased trade tensions between Australia and China also dampened demand for dairy products from Synlait’s customer The a2 Milk Company (ASX:A2M).

In the midst of the coronavirus pandemic, Angela Dixon joined Synlait nearly one year ago on June 15, 2020. During her short spell as the company’s CFO, she contributed to a successful $200 equity raise.

Synlait’s chief executive John Penno thanked Angela Dixon for her service during a difficult time battling with COVID restrictions and wished her “all the best.“

Synlait’s general manager of supply chain Rob Stowell has been assigned to take over CFO duties, until the company finds a new CFO.

Shares in Synlait Milk (ASX:SM1) are trading 1.04 per cent higher at $2.91