John Penno steps down from Synlait board
Source: The DairyNews
John Penno, co-founder and former managing director and chief executive of Synlait, has announced his resignation from the company's board. In his place, George Adams has been elected as the new chair.
Penno, who played a pivotal role in establishing Synlait, transitioned to a board-appointed director in 2018, serving temporarily as acting CEO and then chair. His departure marks an immediate change in leadership.
Expressing his support for Adams' appointment, Penno affirmed his ongoing commitment to Synlait's vision and legacy as a co-founder and shareholder. Reflecting on Synlait's journey from humble beginnings to global recognition, Penno highlighted the company's transformative impact on the New Zealand dairy industry.
Despite acknowledging the achievements under his leadership, Penno emphasized that now is the opportune moment for him to relinquish his leadership responsibilities at Synlait.
The transition coincides with the release of the company's interim financial results, which revealed a significant net loss largely attributed to writedowns and operational challenges. Addressing the company's financial predicament, former acting chair Paul McGilvary and CEO Grant Watson underscored the imperative of reducing debt levels and exploring strategic recovery options.
Adams' appointment as chair follows a strategic succession plan, with his transition facilitated by the board's unanimous support. Adams, who joined Synlait's board as an independent director earlier this year, expressed gratitude for the opportunity to contribute to Synlait's resurgence and pledged to collaborate closely with the executive team to restore profitability.
Adams will stand for election as an independent director at Synlait's upcoming annual meeting in December, reaffirming the company's commitment to transparent governance practices.
Expressing his support for Adams' appointment, Penno affirmed his ongoing commitment to Synlait's vision and legacy as a co-founder and shareholder. Reflecting on Synlait's journey from humble beginnings to global recognition, Penno highlighted the company's transformative impact on the New Zealand dairy industry.
Despite acknowledging the achievements under his leadership, Penno emphasized that now is the opportune moment for him to relinquish his leadership responsibilities at Synlait.
The transition coincides with the release of the company's interim financial results, which revealed a significant net loss largely attributed to writedowns and operational challenges. Addressing the company's financial predicament, former acting chair Paul McGilvary and CEO Grant Watson underscored the imperative of reducing debt levels and exploring strategic recovery options.
Adams' appointment as chair follows a strategic succession plan, with his transition facilitated by the board's unanimous support. Adams, who joined Synlait's board as an independent director earlier this year, expressed gratitude for the opportunity to contribute to Synlait's resurgence and pledged to collaborate closely with the executive team to restore profitability.
Adams will stand for election as an independent director at Synlait's upcoming annual meeting in December, reaffirming the company's commitment to transparent governance practices.
