Allied Farmers managing director Rob Alloway will be stepping down from his current role in December.
The board announced today Mr Alloway had given notice to allow a timely search for a new chief executive and a measured handover of the business.
He said the time was right to step down from the "hands-on, day-today role" of running the business as the restructure process which began about a year ago was nearing completion.
"With the restructuring process now coming to an end, and several asset realisations likely in the short term, the company will be in a different position in December when I step down," he said.
"My key goal was to establish a more stable financial platform and normalise the company's banking and other commercial arrangements."
He said the process is expected to be completed in the next few weeks leaving the business with "substantially" reduced senior debt.
The company said on August 25 it had a senior debt totalling about $16.9 million, consisting of a multi-option credit facility of $14.4m, and an overdraft of $2.5m.
Allied Farmers said it needed to renegotiate with its bank Westpac due to receivership of its Allied Nationwide Finance (ANF). That company collapsed in August owing $130 million to investors.
Last week, Allied Farmers was unable to provide its unaudited full year results to NZX.
Its chairman, John Loughlin, resigned last week.
NZPA