Fonterra has announced that CFO Guy Cowan is set to leave the dairy giant within the next year.

“Fonterra’s competitiveness depends on our low-cost structures and Guy has made a strong contribution, setting up disciplines which ensure we have very sound financial information on which to base decisions in the business,” chief executive Andrew Ferrier said.

Cowan’s departure was not connected to the capital restructure process underway at Fonterra, Ferrier added.

The company cited “family reasons” as Cowan’s reason for leaving, indicating that he wishes to settle in his wife’s home country, Australia.