Wattle Health managing director and chief executive officer Tony McKenna has resigned, the company's board has confirmed.
Dr McKenna resigned from his position, which he had held since January, effective from November 6, and has been replaced by current chief financial officer George Karafotias.
Dr McKenna joined the company earlier this year to lead the execution of a vertically-integrated supply chain strategy, with a focus on baby formula.
The plan hit a speed bump when Corio Bay Dairy Group, a key element of the plan, went into voluntary administration on September 1 and all staff were terminated six weeks later.
“As a result of this significant change Dr McKenna indicated to the board that his contributions and interests would be less aligned with the company's future direction,” a company statement said.
“While this is a disappointing outcome, the board thanks Dr McKenna for his contributions in the past nine months and wishes him success for his future professional endeavours.”
Wattle Health and SPC recently entered into a strategic partnership that will see SPC pay off $20 million of Wattle Health's debt to complete the construction of the Corio Bay Dairy Group spray dryer in Geelong in exchange for 30 million shares.
Dr McKenna's resignation was announced to the ASX on November 9.