Bright Dairy replaces Former Finance Minister Ruth Richardson with Leon Fung on Synlait board

Synlait Milk is seeking to recapitalise. Photo / NZME

China’s Bright Dairy has given notice to Synlait Milk that Leon Fung will be appointed as one of Bright’s appointed directors, replacing former Finance Minister Ruth Richardson.

The move comes as the cash-strapped Synlait tries to recapitalise in order to pay down debt.

Bright is Synlait’s biggest shareholder, with 39 per cent of the stock.

“Synlait and Bright would like to take this opportunity to thank Ruth for her significant contribution and commitment to the company over the past 20 years,” the companies said in a statement.

“Ruth’s remarkable contribution to the growth and expansion of Synlait from the beginning of the business and her continuous commitment to Synlait in her capacity as a director are invaluable and highly appreciated by Bright and Synlait’s board and management.”

Fung is currently chief executive of NIG Nutritionals, a privately-owned business specialising in food supplements and goat milk, and is an Auckland resident.

Bright and Synlait said Fung has more than 20 years of experience in multi-national companies in the dairy and food segment.

He previously led the Danone Nutricia NZ team and held executive roles in Winston Nutritionals, Yashili New Zealand, and Anhydro China (now part of SPX Flow Technology).

He also worked for Tetra Pak China and the New Zealand Dairy Board in his early career.

Fung holds a master’s degree in dairy technology from Massey University, New Zealand and an executive MBA from Fudan University, China.

He is on the executive committee of the New Zealand China Trade Association and a member of New Zealand Asian Leaders, Institute of Directors New Zealand and China Chamber of Commerce New Zealand.

“Bright believes that Leon will be able to make a significant contribution to the Synlait board with his extensive manufacturing and dairy industry experience and assist Synlait in navigating its way through the current circumstances,” Bright said.

Bright has four seats on the Synlait board.

The change in directors is effective immediately.

Richardson, a lawyer by profession, served as Finance Minister with the then National Government from 1990 to 1993.

Her 1991 Budget, which focused on heavy cost-cutting, was dubbed “the Mother of all Budgets”.