The a2 Milk Company's chairman Cliff Cook will resign ahead of the company's dual listing on the Australian stock exchange.
The NZX-listed company, which was founded in Dunedin, lodged an application this week for admission to the Australian Securities Exchange (ASX).
Changes to the company's board would occur shortly before the company was admitted to the official list of the ASX.
Yesterday, the company reported an 81% drop in half-year net profit after tax to the end of December from $643,000 to $125,000, while revenue was $74.79 million, an increase of 38% on the previous corresponding period.
Mr Cook, who has been a director and chairman of the company since 2004, advised his decision to resign had been made with ''careful consideration'' of leadership requirements for the future, a statement said.
He believed the chairman should possess fast moving consumer goods (FMCG) skills, broad international experience consistent with the company's target market strategies and be located closer to those markets.
He would maintain a continuing interest in the ongoing development of the a2 Milk Company and retain a ''significant'' holding in it.
Fellow director David Mair also advised of his intention to resign.
Deputy chairman David Hearn would assume the role of chairman, with Julia Hoare as deputy chairman.
Managing director Geoffrey Babidge said the proposed dual listing would be another important milestone in the continued development of the company.
''The ASX listing will provide a closer alignment between our capital markets profile and business operations, and we expect it to improve the liquidity of the company's shares and access to capital markets over time,'' he said.
Highlights of the half-year were the ''stellar'' result for the company's Australian business in both revenue growth and operating earnings, and its United Kingdom business achieving milestones consistent with the company's revised plan, Mr Babidge said.
Efforts were focused on repositioning the company's China infant formula business in response to the changes in regulation of imports during 2014, and planning for the launch of a2 Milk in the United States in coming months was also progressed.
