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Hot Topic Hawke’s Bay
Hot Topic Hawke’s Bay
Investment
5 mins to read

Penno actions ‘regrettable and unacceptable,’ says A2 letter

Email reveals A2 Milk CEO’s alarm at receivership of technology supplier in early 2022.

A2 Milk chief executive David Bortolussi.

Tim Hunter Wed, 08 Nov 2023
Key points
  • What's at stake: The relationship between milk processor Synlait and its main customer and 19.8% shareholder A2 Milk.
  • Background: Former Synlait chair John Penno had an interest in product tracing technology company Trust Codes, a supplier to both Synlait and A2 Milk, and appointed receivers to its parent company in January 2022.
  • Main players: John Penno, David Bortolussi, Synlait, A2 Milk, Trust Codes, Paul Ryan.

Correspondence between A2 Milk chief executive David Bortolussi and former Synlait chair John Penno reveals serious tension between them over Penno’s interest in a third-party supplier of product tracing technology.

The emails followed Penno’s appointment of receivers in January 2022 to Signum

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Tim Hunter Wed, 08 Nov 2023
Contact the Writer: thunter@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Key points
  • What's at stake: The relationship between milk processor Synlait and its main customer and 19.8% shareholder A2 Milk.
  • Background: Former Synlait chair John Penno had an interest in product tracing technology company Trust Codes, a supplier to both Synlait and A2 Milk, and appointed receivers to its parent company in January 2022.
  • Main players: John Penno, David Bortolussi, Synlait, A2 Milk, Trust Codes, Paul Ryan.
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Penno actions ‘regrettable and unacceptable,’ says A2 letter
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