Fonterra said its chief financial officer Marc Rivers would leave at the end of this year after the dairy co-op's annual meeting.
Chief executive Miles Hurrell said Rivers joined Fonterra in 2018 and had played a critical role in resetting Fonterra's financial health.
"It's been clear from day one that Marc felt a great sense of responsibility to our farmer owners, unit holders and also New Zealand's economy," Hurrell said in a statement.
"Our balance sheet is now in a strong position," he said.