He joins the Canterbury-based dairy and infant formula business on May 19 after Westland announced last January he had resigned after four years in charge.
Synlait chairman George Adams said in a statement Mr Wyeth was a seasoned, tested, and highly regarded chief executive in the dairy industry.
‘‘Synlait is extremely fortunate to have the opportunity to benefit from Richard’s extensive experience growing companies in our sector.
‘‘He has positively transformed dairy companies, and we are excited he is joining Synlait.’’
Synlait was facing insolvency proceedings last year if an equity raise was not approved, with many farmer suppliers at one stage on the brink of pulling out.
However, the company completed a debt restructuring with creditors and settled a dispute with its second-largest shareholder, the a2 Milk Co.
Chinese majority shareholder Bright Dairy brought in $185million to now own 65.3%, while a2 Milk invested nearly $33m to preserve its just under 20% stake.
Synlait is due to release its half-year results on March 24, but earlier guidance provided by it foreshadowed an ebitda of $58m-$63m, compared with $19.9m a year ago.
New business in nutrition products was credited for the improved profitability.
Mr Wyeth was appointed chief executive of Westland in 2021 under the Chinese ownership.
Before that he was the founding CEO for Taupo-based dairy company Miraka and helped to establish Open Country Dairy.
He also held management jobs with Coca-Cola Amatil and DB Breweries.
He said Synlait’s fundamentals were strong.
‘‘The fact it’s now on track to return to profitability, after overcoming a list of challenges, reflects exceptional capability within the team.
‘‘I’m looking forward to getting to know Synlait’s farmers and staff.’’
He left Westland, bought by Yili in 2019, with the praise of senior executives.
Mr Wyeth said his time with Westland had been rewarding.
‘‘The challenge when I came into the CEO role was to turn the business around and bring pride and profitability to Westland. With the turnaround of the business largely complete it is a natural time for me to step aside.’’
He said Yili’s investment in doubling consumer butter production had helped it access the important US market.
Acting Synlait chief executive Tim Carter will return to his head role at Dairyworks, a Synlait subsidiary, when Mr Wyeth steps in.
Chairman Mr Adams said Synlait was building momentum.
‘‘Tim has played an instrumental role in driving this step change in the company’s performance and ensuring we are on track to return to profitability at half year.’’
