Dairygold had confirmed that its chief financial officer JP McGrath will leave the business on November 30.

In a statement, the processor said that McGrath would be departing to "pursue other interests".

McGrath has only been in the role since April.

"Dairygold would like to thank JP for his contribution and support to the organisation and wish him every success in his future career," the statement said.

The processor said that Peter O’Driscoll, the current agri-business and member trading financial controller, has been appointed interim chief financial officer, effective immediately and will be supported by McGrath as he transitions into the role.

Dairygold will begin a recruitment process in the new year for the selection of a new chief financial officer, the business said.

Peter O'Driscoll joined Dairygold in 1988 and "brings a wealth of experience and understanding of our business, together with significant financial and commercial acumen, to this role," the processor said.

Peter will also join the Dairygold senior leadership team.

JP McGrath

McGrath joined Dairygold from Bord na Móna in April this year.

He had served as both chief financial officer and chief operational officer of Bord na Móna.

McGrath succeeded Michael Harte as CFO, who had gone on to become chief executive.

At the time of McGrath's appointment earlier this year, Harte had said: "On behalf of everyone in Dairygold, I welcome JP to the organisation. JP’s experience in financial, commercial and operational management makes him an excellent addition to our senior leadership team.

"His experience will play a critical role in driving our business strategy, to build a stronger, more resilient and sustainable Dairygold," Harte had said.

Dairygold

In other news on Dairygold, the processor recently confirmed that its milk price for September would be reduced by 3.75c/L to 41.25c/L.

In what is a general downward trend across all processors, Dairygold said that global dairy market prices "have dramatically deteriorated in the past two months, with butter prices decreasing by more than €1,600 per tonne and cheddar prices falling by over €800 per tonne.

"The combined market price reductions for butter and skim milk powder and cheddar exceed the cumulative 6.75c/L milk price corrections applied by Dairygold in August and September. Current market returns are less than 40c/L," the co-op's chairperson Pat Clancy said earlier this month.