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Former Tatua CEO Paul McGilvary serves as acting chairman of Synlait

China 31.10.2023
Source: The DairyNews
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Paul McGilvary, the former chief executive of Tatua, has assumed the role of acting chair at Synlait, a milk processor currently facing challenges. This appointment comes in the wake of the unexpected resignation of the previous chair, Simon Robertson, last week.
Former Tatua CEO Paul McGilvary serves as acting chairman of Synlait

According to a statement released to NZX, Paul McGilvary will serve as the acting chairman of Synlait until a permanent appointment is made, and his election has received full support from the board. McGilvary expressed gratitude to the departing chairman, Simon Robertson, for his contributions to Synlait.

The constitution of Synlait mandates the presence of three independent directors. While the appointment of a new independent director is pending, the constitution allows for a situation where there may be less than three independent directors. In such instances, one director from Bright Dairy, a major shareholder with a 39% stake in Synlait, is required to abstain from voting until a third independent director is appointed.

The ongoing dispute between Synlait and a2Milk, which holds a 19.9% stake in Synlait, has led to the cancellation of exclusivity arrangements under the Nutritional Powders Manufacturing and Supply Agreement. This agreement involved Synlait manufacturing infant formula for a2. Despite good-faith negotiations, the dispute remains unresolved and will now proceed to confidential and binding arbitration.

Synlait retains its Chinese regulatory State Administration for Market Regulation (SAMR) license attached to its Dunsandel manufacturing facilities. The license covers a2's Chinese-labeled infant formula for stages one, two, and three. Synlait expects to continue manufacturing these products for a2 destined for the Chinese market until the license expires in September 2027.


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