Australian Agricultural Company Limited (ASX:AAC)
chief executive officer David Farley will step down as head of the beef cattle producer after reaching an exit agreement.
AACo's CFO Craig White has been appointed interim CEO while the company searches for a permanent replacement.
Chairman Donald McGauchie says the company’s new CEO will require a different skill set to lead the company in its next stage of growth.
Mr McGauchie also thanked Mr Farley for his work.
The news comes after the company made a loss in the last quarter due to a writedown on the value of its cattle herd.
AACo posted a net loss of $46.4 million on March 31, 2013.