The Chair Of Synlait Has Resigned

The Chair of Synlait has resigned. Simon Robertson is also an independent director of Synlait and fellow director Paul McGilvary has been elected acting chair until the position is permanently filled. Synlait’s nominations sub-committee has begun the search for an independent director/ chair to fill the vacancy. The resignation comes after the company entered into mediation with the a2 Milk Company over the cancellation of its exclusive manufacturing agreement in early October. Synlait also posted its second financial loss in the past three years – a net loss after tax of $4.3 million, earnings down 3%, gross profit down 2%, operating cash flow down 83% and capital expenditure down 31%.