CEO resignation

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






NZX: SML
ASX: SM1


21 October 2024

CEO resignation

Synlait Milk Limited (Synlait) announces the resignation of its CEO. Grant Watson took up the role in
January 2022 and has overseen the company through an unprecedented era in its history.

Synlait Chair George Adams commented: “Recent months have seen a long list of urgent challenges
for Synlait, and Grant’s ably led the team through them. His achievements are extensive and notably
include our balance sheet's recent, successful reset.”

Grant commented: “Synlait is an amazing and agile company, which I have been honoured to lead.
Working with our passionate employees and farmers who care deeply about Synlait’s success has
been a privilege. Our team’s determination and dedication to deliver has also been a real highlight. I
wish Synlait all the best for a successful future.”

George added: “Grant’s tenure has been incredibly busy – notably resetting Synlait’s strategy to
reduce our customer and market concentration risk, commercialising plant-based production at
Pokeno and our Foodservice business in Canterbury, extending our reach into South East Asia,
maintaining our China market access, and building an outstanding executive team.”

“Grant will take a well-deserved break before deciding his next career move. He has set a strong
platform for Synlait going forward, the Board is extremely grateful for this and wishes him all the best.”

Acting CEO appointed

The Board will commence a global recruitment process; however, Dairyworks CEO Tim Carter has
been appointed Acting CEO of Synlait from today.

Under Tim's leadership, Dairyworks has performed impressively over the past six years, recently
delivering a record EBITDA result due to strong sales growth, operational stability, and low staff
turnover.

Aaron Kenny, Dairyworks' CFO, will act as Dairyworks CEO in the interim.

For more information contact:
Media
Jo Scott
Corporate Communications Lead
P: +64 21 883 123
E: jo.scott@synlait.com

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