South Africa-based dairy group Clover Industries has announced the departure of financial director Elton Bosch.

Clover said Bosch had resigned “for personal reasons and in order to pursue other interests”.

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The company added Bosch had “contributed significantly to the risk and governance areas of the business”. He will formally leave Clover on 31 December.

Clover said moves to appoint a replacement for Bosch were “underway”.

Bosch joined Clover in 2012, working in areas including business development and risk. He became Clover’s financial director in January 2016.

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In May, Clover warned it expected a drop in full-year profits of as much as 55%, amid a squeeze from higher input costs and “subdued” consumer sentiment.

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The company revealed its net earnings are expected to decrease by 40-55% in the year to 30 June. In a filing with the Johannesburg Stock Exchange, Clover provided a forecast EPS range of 83.58-111.56 cents per share.