The scholarships allow the recipients to study at prestigious international institutions, including Harvard, London Business School, and the INSEAD Business School in Singapore and France.
Launched in 2010, they were designed to build business capability and enhance New Zealand's opportunity for growth by developing skills in management and international business leadership.
Dr Penno, who was brought up on a farm at Morven, near Waimate, is responsible for leading the Canterbury-based dairy company's strategy development, business development and financial management.
He received an emerging leaders award from the Sir Peter Blake Trust in 2009 and he was also named Federated Farmers' inaugural agribusiness person of the year in recognition of his contribution to the New Zealand dairy industry.
He has applied to complete the advance management programme through the INSEAD Singapore campus.
The scholarship recipients chose which programme they attended and each received up to $57,000 to cover half the costs of their course and direct expenses.
The scholarships recognised the skills, achievements and potential of "some of the best and brightest business minds in New Zealand", Prime Minister John Key said.
The other recipients were Angus Bargh (Downer New Zealand, Christchurch), Ronnie Butt (Comvita, Hong Kong), Corinne Callinan (CXC, Auckland), Sally Gardiner (Zespri International, Tauranga), Sean Horgan (Northpower, Auckland), Richard Keys (Abano Healthcare, Auckland), Michael Kwok (Resolve Group, Auckland), Andy McNicholl (EPL, Christchurch), Kathy Meads (Lyttelton Port Co, Christchurch), Wayne Oxenham (Orion Health, Auckland), Damian Pedreschi (BECA Group, Auckland), Paul Stokes (Jade Software Corporation/Wynyard Group, United Kingdom) and Hamish Wiig (Tait Communications, Houston, Texas).
