Synlait appoints Leon Fung as permanent Chief Executive Officer
Synlait Milk Limited (NZX: SML, ASX: SM1) has appointed Leon Fung as its Chief Executive Officer, according to an announcement dated 21 October 2026. The permanent appointment process was assisted by global consultancy Korn Ferry.
Fung was appointed Acting CEO on 14 May 2026 and has served as a Director of Synlait since June 2024. The announcement moves him from the acting arrangement into the permanent role, a period of about five months as Acting CEO, according to his own comments.
Key facts from the announcement:
- Appointment: Leon Fung as Chief Executive Officer
- Acting CEO start date: 14 May 2026
- Board tenure: Director since June 2024
- Search adviser: Korn Ferry
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Who is Leon Fung?
Nearly 30 years in dairy and nutrition
The announcement describes Fung as a seasoned executive in the dairy and nutrition sectors with nearly 30 years of experience. That experience spans production, operations, CAPEX engineering investments and market development.
His executive track record is described as being defined by scaling operations, optimising supply chains and building high-performing teams across Asia-Pacific markets.
Board insight meets operational leadership
Fung’s time as a Director since June 2024 preceded his Acting CEO appointment on 14 May 2026, so the permanent role follows a period of direct involvement with the company at both Board and executive level. Chair George Adams linked the appointment to continuity.
George Adams, Chair
“Since his appointment as Acting CEO, Leon has demonstrated strong leadership and commercial discipline with a deep knowledge of dairy processing which has helped deliver Synlait’s operational stability. This appointment provides continuity, clarity and momentum as the company continues to execute its recovery roadmap.”
The announcement does not disclose details of the recovery roadmap.
The Stabilise, Simplify, Scale roadmap presented with the half-year result positions manufacturing stability and balance sheet strength as prerequisites before margin improvement and market expansion.
Why CEO continuity matters for dairy processors
A chief executive at a dairy processor typically oversees supply chains, processing operations and capital expenditure (CAPEX) decisions. CAPEX refers to money a company spends on acquiring or upgrading physical assets such as equipment and facilities.
Stable leadership can matter to investors because these decisions often play out over long periods. The table below maps the experience stated in the announcement to the role.
| Leadership attribute | Relevance to Synlait |
|---|---|
| Nearly 30 years in dairy and nutrition | Sector experience described in the announcement |
| CAPEX engineering investments | Experience with capital investment decisions |
| Optimising supply chains | Stated element of his executive track record |
| Director since June 2024 | Board-level familiarity with the company |
What Leon Fung says about Synlait’s next phase
Fung pointed to his Board experience and his months as Acting CEO in explaining his outlook for the company.
Leon Fung, Chief Executive Officer
“My time on the Board means I had a strong understanding of the important role Synlait places in New Zealand’s dairy sector. The five months I have spent as Acting CEO have given me greater confidence in the company’s future. We are making progress and I look forward to navigating the challenges and capitalising on the opportunities ahead, so we return Synlait to success.”
The company is executing its recovery roadmap under permanent leadership. The announcement does not provide financial guidance or other detail, so investors may wish to watch for future company updates.
The NZ$320 million refinancing finalised on 30 June 2026 gives the company a funding runway to mid-2027, with quarterly EBITDA milestones and a leverage covenant setting the performance bar for lender support.
Media enquiries can be directed to Jo Scott, Head of Corporate Affairs and Engagement.
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