Fonterra says Scott St John will step down from its board, effective from March next year.
St John has been an independent director of the co-op for seven years.
Chairman Peter McBride said St John had decided to leave due to workload and governance commitments.
“I’d like to thank Scott for the time and energy he’s given Fonterra and its farmers,” McBride said.
“Scott has brought to the board his vast knowledge of financial markets and passion for innovation,” he said.
St John was appointed to the Fonterra board in 2016 and is currently a member of Fonterra’s audit, finance and risk committee, sustainability and innovation committee, and disclosure committee.
He was previously chair of the milk price panel for over six years.
“I’ve thoroughly enjoyed my time with Fonterra, including working with the board and management team through its strategic reset,” St John said.
“The co-op has seen a real turnaround in its performance and has a bright future.”
St John is the chair of Fisher and Paykel Healthcare and serves on the boards of ANZ Bank New Zealand, Mercury NZ Limited and Next Foundation.
He will step into the role of chair of Mercury NZ Limited from January 1 next year.
Fonterra said it would start a search process to replace St John.
Farmer shareholders will have an opportunity to ratify that appointment at the 2024 annual meeting, it said.