Synlait announces changes to Board of Directors

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com






NZX: SML
ASX: SM1


1 May 2024

Synlait announces changes to Board of Directors

The Board of Synlait Milk Limited (Synlait) announces that George Adams has been elected Chair and
that Dr John Penno, the company’s Co-Founder and Board Appointed Director, has stepped down.

George Adams elected as Synlait Chair

George was appointed as an Independent Director of Synlait in March 2024 to fill a casual vacancy.
George’s transition to the Chair role follows the previously signalled plan that Acting Chair Paul
McGilvary would return to his position as an Independent Director once a permanent successor was
found and elected. George was elected with the full support of the Board.

The Board thanks Paul for his service over the past six months and congratulates George on his new
role.

George Adams commented: “It is a privilege to be Chair of Synlait. I look forward to helping oversee
Synlait’s path back to profitability and support Grant and his executive team’s execution of the strategy
to do so. I thank my fellow Directors, including Paul McGilvary, for their stewardship and counsel during
the transition.”

George will formally stand for election as an Independent Director by Synlait shareholders at the
company’s Annual Meeting in December 2024. George’s appointment as Chair is effective
immediately.

Dr John Penno steps down as Board Appointed Director

Dr John Penno, Board Appointed Director, will step down from his role. John co-founded Synlait and
was Managing Director and CEO for 12 years. In 2018, John became a Board Appointed Director,
during which time he was temporarily appointed Acting CEO and then Chair. John’s resignation is
effective immediately.

Dr John Penno commented: “I fully support George’s appointment as Chair and remain committed to
Synlait’s future as a co-founder and shareholder.”

“Synlait has come a long way since we co-founded the company buying a farm in Te Pirita near
Dunsandel almost 25 years ago. We now take world-class nutrition products to the world and have
played a disruptive role in the growth of the New Zealand dairy industry. I am proud of what we have
achieved. However, now is the right time for me to leave my leadership role with Synlait.”

Paul McGilvary commented: “John has lived and breathed Synlait for almost 25 years. He leaves a
strong legacy, which has formed the basis of Synlait’s entrepreneurial nature and spirit to do milk
differently for a healthier world. On behalf of the Board, our staff, our farmers, and all stakeholders I
would like to publicly thank John for his commitment and enormous contribution to Synlait.”

The Board will commence a search to find a candidate to fill the vacancy of the Board Appointed
Director role.

Synlait Milk Limited · 1028 Heslerton Road, RD13 Rakaia, Canterbury, New Zealand · +643 373 3000 · www.synlait.com



George Adams biography

George has outstanding commercial and governance experience with over 30 years of international
business experience in the fast-moving consumer goods and telecommunications industries and an
occupational health and safety background.

Before focussing on governance, George held a range of executive leadership positions. Notably he
was, Managing Director of Coca-Cola Amatil New Zealand and CFO of British Telecom Northern
Ireland. George's governance highlights include being Chair of Bell Tea & Coffee, Chair of the New
Zealand Food and Grocery Council and a Director of Hellers Group and Tegel Food.

Today, George is Chair of NZX-listed Bremworth Limited, Director of NZX-listed Arborgen, and Chair of
the Business Leaders Health & Safety Forum.

For more information contact:
Media
Allan Swann
Corporate Communications Manager
P: +64 27 211 4874
E: allan.swann@synlait.com

Investors
Hannah Lynch
Head of Strategy & Corporate Affairs
P: +64 21 252 8990
E: hannah.lynch@synlait.com