Brent Esler has resigned as chief executive of Farmlands Co-operative Society.
When contacted yesterday, Mr Esler, who was chief executive of CRT before the merger with Farmlands, conceded the announcement had come as a ''bit of a shock'' to some.
The past two and a-half years had been a ''pretty full-on commitment'' and agreement was reached with the board that it was time for a change, he said.
The merger, which officially happened on March 1, 2013, and created a national co-operative, was one of the largest transactions in New Zealand that year, involving entities with combined historic revenues of $2 billion a year.
In the two years since then, Mr Esler had overseen the integration of business and IT systems, the rebranding of the national Farmlands business and the rationalisation of support office locations and functions.
That period was always going to be difficult, with a lot of change to effect, he said.
After 20 years with the organisation and 10 years as chief executive, it was time for a new challenge, and the time was right for someone with new skills and energy to take the business into its next phase.
He was pleased with what had been achieved during his tenure as chief executive of CRT and Farmlands.
That included leading CRT through growth in revenue from $362 million to $1.3 billion between 2004 and 2012, and overseeing the growth in shareholder numbers from 18,000 to 26,000 during that same period.
Pulling off the Farmlands merger was also ''pretty significant in its own right'', Mr Esler said.
He was pleased with last year's financial result - the company, in its first full year of trading, achieved turnover of $2.46 billion and an operating surplus of $23.5 million - and it was ''nice to go out on a high''.
Mr Esler planned to take some time out and see what career opportunities came up. Before joining CRT, he spent 20 years in the police.
Farmlands chairman Lachie Johnstone said Mr Esler's contribution to the business had been ''significant''.
The board was grateful for his skills and expertise in helping to secure the benefits to shareholders made possible by merger, he said.
The board has begun a search for a chief executive. Chief financial officer Tony van der Hoorn has been appointed interim chief executive.
