John Penno, Synlait Milk co-founder, former chief executive and current director, will assume the role until a permanent replacement is appointed.
Recruitment will be initiated shortly.
Clement has been chief executive since September 2018.
“The board wishes to record its thanks and recognition of the major achievements he has overseen. It also recognises the substantial impact that covid-19 has had on Synlait and the difficult challenge this would present to any management team,” it said.
Synlait Milk reported a 76% drop in net profit to $6.4 million in the six months to Jan 31 and said significant uncertainty and volatility would continue to impact the company.
“Our first half was challenging, and we continue to find ourselves in a period of significant uncertainty and volatility as Synlait faces several headwinds. This is impacting our short-term operations and will impact our full-year 2021 financial result,” Synlait chair Graeme Milne said when the results were reported.
The shares last traded at $3.50 and have lost 51% over the past 12 months.
BusinessDesk
