Why did Synlait Milk (ASX:SM1) CEO Richard Wyeth resign?

Synlait Milk announced that it has accepted Richard Wyeth's resignation following a period where he led the company through significant operational, quality, and financial challenges.

Who is the new Acting CEO of Synlait Milk (ASX:SM1)?

Leon Fung has been appointed as Acting CEO, effective Thursday, May 14, 2026. Fung is an internal appointment who has served as a Synlait Director since June 2024 and recently chaired the company’s People, Environment, and Governance Committee.

What is Leon Fung’s professional background and experience?

Leon Fung brings nearly 30 years of industry experience across production, operations, and market development. His resume includes high-level executive roles such as CEO of NIG Nutritionals Limited and Operations Director for Danone Oceania, providing him with deep expertise in the dairy and nutrition sectors.

When will Richard Wyeth officially leave Synlait Milk (ASX:SM1)?

To ensure an orderly transition and handover of responsibilities, Richard Wyeth will remain with the company until June 30, 2026. This overlapping period with Acting CEO Leon Fung is intended to maintain stability during a sensitive leadership change.

How might this leadership change affect Synlait Milk (ASX:SM1) in the short term?

The transition could create short-term uncertainty as the market digests the departure of a CEO credited with navigating the firm's recent "challenging period". However, the immediate appointment of an experienced internal director as Acting CEO may mitigate concerns regarding a leadership vacuum.

What is the current strategic focus for Synlait Milk (ASX:SM1) management?

Management is currently focused on addressing key operational and financial issues while rebuilding core customer relationships. The board believes Leon Fung’s background in CAPEX investments and operations makes him well-suited to lead the business through its current "next phase" of development.

Synlait Milk CEO Richard Wyeth resigns

Written by Mahathir BayenaPublished May. 13 2026Last Updated May. 13 2026

Synlait Milk (ASX:SM1) announced the resignation of CEO Richard Wyeth, who is credited with steering the company through operational and financial challenges.

While Wyeth will remain with the firm until June 30 to facilitate an orderly handover, the board has appointed Leon Fung as acting CEO, effective May 14.

Fung, a New Zealand resident with nearly 30 years of industry experience—including senior roles at Danone Oceania and NIG Nutritionals—has served as a Synlait Director since 2024.

The board expressed confidence in Fung’s extensive background in production and market development to lead the business forward during this transitional period.