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Fonterra chief financial officer Guy Cowan is resigning from the co-operative and plans to move to Australia.
Chief executive Andrew Ferrier said Cowan would leave the dairy giant within the next year.
"Fonterra's competitiveness depends on our low cost structures and Guy has made a strong contribution, setting up disciplines which ensure we have very sound financial information on which to base decisions in the business," he said.
Cowan's departure was not connected to the progress of the capital restructure process, Ferrier said.
Cowan joined Fonterra in March 2005 and he and his family planned to settle in his wife's home country, Australia.
"Guy has decided to move his departure up a bit due to family reasons," Ferrier said.
Cowan's advice that he was leaving well in advance of his departure would allow for a smooth transition.
"I've never had any problem getting people excited about coming here and I don't anticipate we will."
