His departure comes after leading Synlait’s major recapitalisation program, a process designed to stabilise the company’s balance sheet following mounting debt and weak earnings. The recapitalisation included a NZ$185 million share placement to Bright Dairy and additional support from The a2 Milk Company, while also refinancing debt facilities and extending a NZ$130 million shareholder loan.

Stowell also oversaw the sale of Synlait’s North Island assets, including the Pōkeno plant and Auckland operations, as part of a broader restructuring strategy. The divestment is expected to generate more than NZ$280 million and allow Synlait to reduce debt, streamline its operations and concentrate production in the South Island.

The leadership change comes at a difficult time for the New Zealand dairy company. Synlait recently reported a half-year net loss of NZ$80.6 million as lower whole milk powder prices, manufacturing disruptions and high costs hit margins. Management has responded with a three-stage recovery plan focused on stabilising operations, simplifying the business and returning the processor to growth.