“Given Synlait’s current performance, we need a greater return on the capability and capacity of our executive roles,” he said.
“These changes will better align our structure for improved performance and provide greater focus and support for our people and our customers.”
Synlait is due to provide an update on its balance-sheet position when it confirms its half-year result on April 2. This date was deferred from March 25.
A $17m to $21m range was based on an initial consolidated result, subject to further review and possible adjustments — including accruals, provisions, and impairments that are still being assessed.
Synlait credited the loss to increased financing, operational costs and margin reductions for ingredients and advanced nutrition.
In September, the company was expecting its earnings before interest, taxes, depreciation, and amortisation to improve compared with last season.
Synlait now believes its financial result is likely to be “broadly flat” or down on last season.
The company said its board and management were working on the need to deleverage its balance sheet as a priority.
The major financial stakeholder in Synlait is Bright Dairy, of Shanghai, with a 39 per cent shareholding, while a2 Milk has a 19.9 per cent shareholding.