Synlait CEO Grant Watson resigns

Synlait chief executive Grant Watson. Photo / Supplied

Synlait Milk chief executive Grant Watson has resigned after two years and nine months in the job.

The newly restructured Synlait said Watson had overseen the company through an unprecedented era in its history.

The dairy processor has been through a series of measures aimed at shoring up its balance sheet, the last one resulting in China’s Bright Dairy gaining a majority interest in the company.

“Recent months have seen a long list of urgent challenges for Synlait, and Grant’s ably led the team through them,” chair George Adams said.

“His achievements are extensive and notably include our balance sheet’s recent, successful reset.”

Watson said in a statement it had been an honour to lead Synlait and he wished the company the best for the future.

Adams said Watson’s tenure had included resetting Synlait’s strategy to reduce customer and market concentration risk, and commercialising plant-based production at Pōkeno and its foodservice business in Canterbury.

The company said it had also extended its reach into Southeast Asia and maintained its China market access.

“Grant will take a well-deserved break before deciding his next career move,” Adams said.

“He has set a strong platform for Synlait ... the board is extremely grateful for this and wishes him all the best.”

The board will commence a global recruitment process but Dairyworks CEO Tim Carter has been appointed acting CEO of Synlait from today.

“Under Tim’s leadership, Dairyworks has performed impressively over the past six years, recently delivering a record ebitda result due to strong sales growth, operational stability, and low staff turnover,” Adams said.

Aaron Kenny, Dairyworks’ chief financial officer, will act as Dairyworks’ chief executive.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.