KEY POINTS:
Tony Egan, chief executive of Affco Holdings, became the first major resignation of the year with the announcement yesterday that he was leaving the meat processor after nearly six years with the company.
The news came less than two months after the firm reported a large fall in net profits.
In November Affco said net profit for the year ending September 30 was $13.1 million down from $21.1 million the previous year.
However, chairman Sam Lewis said there had not been a falling out between Egan and the company and there was no link with the fall in profit.
"I think it'll become clearer in another day or so because he's got another job," Lewis said.
"We were surprised but that's just what happens in life."
The board would consider its options for a replacement during the next two or three weeks, he said.
"Tony's not going until April 3 so it's not a rushed thing ... he's working out his notice."
Egan joined the company as chief operating officer and had been chief executive since September 2002.
Finance manager Alan Eyes left the company yesterday having earlier resigned and worked through his notice.
Lewis said there was no connection between Eyes leaving and the announcement yesterday of Egan's resignation.
