[29 November/ Stuff]

Synlait Founder and Chief Executive Officer, John Penno has announced he will be stepping down from the position within the next 12 months. Mr Penno would continue in a governance role as a director of the board. Synlait Chairman, Graeme Milne said Mr Penno had been an exceptional leader and had left the company in a very healthy shape with a strong balance sheet and clear future growth plan. Mr Milne said the board would search internationally for a new chief executive officer, and Mr Penno had committed to continuing in the role until a successor was found and in place.