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Synlait Milk (ASX:SM1) - Outgoing CEO, Leon Clement - The Market Herald
Outgoing CEO, Leon Clement
Source: NZ Herald
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  • CEO of New Zealand dairy company Synlait Milk (SM1), Leon Clement, has tendered his resignation after more than two-and-a-half years in the role
  • Co-founder, former CEO and current Director John Penno will assume the role of interim CEO from the beginning of May until a permanent replacement has been found
  • During his time at the helm, Leon led the company to refresh its overall purpose, develop a sustainability strategy, purchase Dairyworks and complete the Synlait Pokeno and Dry Store 4 projects
  • It wasn't without its challenges, however, with the company acknowledging in today's announcement the substantial impact the COVID-19 pandemic has had on its business
  • The company's share price has yet to recover to pre-pandemic levels, falling from $8.50 per share in January 2020, to less than half that figure
  • Shares last traded at $3.22

CEO of New Zealand dairy company Synlait Milk (SM1), Leon Clement, has tendered his resignation and will step down at the end of April 2021.

He took on the role in September 2018, and in his time at the helm led the company to make several strategic changes, refreshing its overall strategy and purpose, developing a sustainability strategy and launching an environmental program called "Whakapuāwai".

"Leon has been an authentic and transformational leader. He has successfully repositioned Synlait's purpose, ambition, and strategy to make us a more diversified and sustainable company," said Chair Graeme Milne.

"On behalf of the Board and all staff, we wish Leon the very best in his future career and thank him for his energy and dedication to Synlait during his time with us."

Synlait also became the largest company in the Southern Hemisphere to receive B-Corp registration, designating a high standard of social and environmental performance, public transparency and balance between profit and purpose.

"It has been a privilege to lead Synlait. It has been an intensive period of change and growth and I am proud of our achievements. Synlait has an amazing team that is making a positive and sustainable impact in the areas we operate," said outgoing CEO Leon Clement.

It wasn't without its challenges, with the company acknowledging in today's announcement the substantial impact the COVID-19 pandemic has had on the business.

The company's share price has yet to recover to pre-pandemic levels. In January 2020, before plummeting the following month, Synlait's share price was sitting at $8.50, more than double today's value.

Co-founder, former CEO and current Director John Penno will assume the role of interim CEO from the beginning of May, until a more permanent replacement can be found.

Shares last traded at $3.22.

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