Wellard founder Mauro Balzarini has "ceased the role" of chief executive of the cattle exporter.
The WA-based shipping business said on Monday that Mr Balzarini would remain a non-executive director for the time being, with the terms of his departure still being finalised.
John Klepec will continue the executive chairman role he has occupied since April 2018.
Mr Balzarini effectively handed over day-to-day management of Wellard to the then-executive director of operations Fred Troncone in September 2017 as part of a boardroom shuffle, but retained the chief executive title he had held for 15 years.
His shift to a planning and strategic role followed a poor FY17 earnings result where Wellard's full-year loss more than tripled to $75.3 million.
The company has since made a number of management changes, including Mr Troncone's resignation as a director in August last year, after which Mr Klepec assumed his responsibilities.
Mr Balzarini's total fixed remuneration for the FY18 year was $980,000.
Wellard swung to a maiden first-half profit of $2.9 million in the six months to December 31 after it streamlined operations and introduced a more flexible trading and chartering model.
Shares in the company were worth 3.9 cents at 1455 AEDT, down 2.5 per cent for the day and well down on the 2015 float price of $1.39.
