Macleod leaves Shanghai

Macleod had led the group since April 2013, overseeing management of the 16 central North Island 'Crafar' farms, part of NZ's largest family-owned dairy business which had been put into receivership, and 13 farms in Canterbury previously owned by Synlait Farms, which supply processor Synlait Milk.

A statement from Terry Lee, managing director of Milk New Zealand, Shanghai Pengxin Group's local unit, did not say why Macleod had resigned, only that a new chief executive is being sought.

Lee says an advisory board set up for the farm group will oversee the appointment of a new chief executive and advise the company on farm operations.

Last year, Shanghai Pengxin's proposed $88 million purchase of Lochinver farm was stopped by the Government, which said the transaction would not be of substantial benefit to NZ.

Lochinver was then sold to NZ farming group Rimanui Farms and Pengxin withdrew from buying the neighbouring Taharua Farm and a separate deal to buy the so-called 'Pinny' farms in Northland.

Macleod's exit follows the departure of former Fonterra executive Gary Romano, who resigned his directorships late last year.