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”.

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.

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.

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.