Synlait loses third executive staffer

Troubled dairy firm Synlait Milk has lost a third top staffer.

Angela Dixon has resigned as chief financial officer and will be replaced in the interim by general manager of supply chain Rob Stowell.

It is the third executive resignation in two months. Leon Clement, Synlait Milk’s chief executive for 21⁄2 years, stepped down last month and director of operations Mark Toomey resigned in March to return to Australia.

Clement has been replaced in the interim by Synlait co-founder and former chief executive John Penno. Clement oversaw many changes at the company, including a major expansion phase and more recently a $200 million capital raise to strengthen its books.

In March, the company reported a ‘‘challenging’’ first half with a 76 per cent fall in net profit to $6.4m, although revenue was up 19 per cent.

It noted ‘‘significant uncertainty and volatility’’, including shipping delays and a sudden drop in demand for infant formula.

Ongoing uncertainty over demand from one of its major clients, a2 Milk, was also expected to continue for the remainder of 2021 and in 2022.

Synlait Milk has spent up big over the past couple of years, investing $555m to diversify its products, manufacturing sites and customers.

Shares in the company are currently at $3.11, having fallen 55 per cent in the past year.