Leon Clement announced as Synlait Milk’s new CEO

Synlait Milk Ltd
1028 Heslerton Road
RD13, Rakaia 7783
Private Bag 806
Ashburton 7740
New Zealand
P +64 3 373 3000
www.synlait.com Page 1 of 3
SYNLAIT MILK LIMITED NZX: SML
ANNOUNCEMENT ASX: SM1
26 JUNE 2018
LEON CLEMENT ANNOUNCED AS
SYNLAIT MILK’S NEW CEO
Synlait Milk (NZX: SML; ASX: SM1) is pleased to announce Leon Clement will join the
organisation as Chief Executive Officer from mid-August.
The appointment is the outcome of a global recruitment search undertaken following co-
founder and inaugural CEO John Penno’s announcement in November 2017 of his intention
to stand down.
“Leon has led major businesses internationally,
specifically in Vietnam and Sri Lanka, and has deep
experience in the branded dairy sector,” says Graeme
Milne, Chairman.
“He brings a broad range of skills and experience that
is relevant to Synlait’s future strategic initiatives.”
“The Board of Directors is pleased to have attracted a
high-calibre candidate. With a reputable senior
leadership team in place and an organisation of great
people, we’re confident the incoming CEO has the
skills and capabilities to lead Synlait to an even better
future off the platform that has been created thus far.”
Most recently, Mr Clement was Fonterra’s Managing
Director of Fonterra Brands New Zealand and prior to
that was their Managing Director of Sri Lanka and
Indian Subcontinent.
Having held numerous senior leadership positions throughout his career, Mr Clement is
excited by the opportunities Synlait has created and is looking forward to taking on the role
of CEO.

Leon Clement, incoming CEO of Synlait Milk.
Image available on request.

Synlait Milk Ltd
1028 Heslerton Road
RD13, Rakaia 7783
Private Bag 806
Ashburton 7740
New Zealand
P +64 3 373 3000
www.synlait.com Page 2 of 3
“I’m passionate about New Zealand agriculture, and growing people and businesses in a
sustainable way,” says Leon Clement, the incoming CEO of Synlait Milk.
“That’s why I’m so excited to be joining the Synlait team at such a pivotal time. The
progress to date is impressive and under John’s leadership Synlait has achieved some
significant milestones, which have set the business up well for the next phase of growth.”
“The business is in fantastic shape and we will continue to target sustainable growth by
leveraging the potential within our organisation, as well as the potential in the markets and
customers we partner with,” adds Mr Clement.
Mr Milne says Synlait is in a fortunate position to make an orderly leadership transition as it
has the full support of outgoing CEO John Penno, who will continue in a governance role
from August.
“As I said in November 2017, the timing is right as we’re in a very healthy positon with a
strong balance sheet and a clear future growth plan.”
A brief transition period will introduce Mr Clement to the organisation in August and
support the business through the leadership change.
“The Board is incredibly grateful to John for his contribution as CEO and the role he’s
played in Synlait’s success from the beginning,” adds Mr Milne.
“There is no doubt John’s determination and leadership has underpinned Synlait’s ability to
navigate a rapid journey from start-up in the early 2000s to the multibillion dollar nutrition
company it is in 2018.”
“We’re privileged to retain John’s knowledge and expertise at a governance level. On behalf
of the Board, employees, suppliers and shareholders, I want to take this opportunity to
acknowledge and thank John for the outstanding contribution he has made to the
company,” says Mr Milne.
Along with Ben Dingle and Juliet Maclean, John Penno cofounded the Synlait Group in 2000
and the Synlait Milk manufacturing business was founded in 2006, with operations
beginning in 2008.
“Synlait has been a major part of my life for the last 17 years, and I’m very proud of what
we’ve achieved in a relatively short time,” says outgoing CEO John Penno.
“Leon’s appointment is a coup for our employees, dairy farmers and investors. He is
absolutely the right person to be leading the company towards the profitable and
sustainable opportunities we’re targeting.”

Synlait Milk Ltd
1028 Heslerton Road
RD13, Rakaia 7783
Private Bag 806
Ashburton 7740
New Zealand
P +64 3 373 3000
www.synlait.com Page 3 of 3
“Having performed both an operational and governance role for over a decade in this
organisation, I’m comfortable passing the operational baton to Leon and focusing my input
at the governance level alongside fellow Directors on the Board.”
“On a personal note, I’m somewhat sad to be stepping down as CEO but I’m actually more
thrilled about the future that lay ahead for Synlait. The company has everything going for it
and the outlook is very positive, so I’m glad I will still be a part of it, albeit in a different
capacity,” adds Mr Penno.
“I will be spending more time with my family, whom I have to thank for their relentless
support. Without it I wouldn’t have been able to dedicate so much time and energy to a fast-
growing business.”
“My wife, Maury, and I have identified a few opportunities with start-ups and young
companies we’re passionate about, which is where I’ll be channeling my expertise once I do
step down in the coming months,” says Mr Penno.
ENDS
High resolution image of Leon Clement is available on request.

For more information about Synlait, visit or www.synlait.com
or contact:

Dan Walraven
Communications Manager, Synlait Milk
P: +64 27 836 7532
E: daniel.walraven@synlait.com