Australia, insurance, car, home, live, holidays

The resignations follow Murray Goulburn's big downgrade of its annual profit forecast in late April.Credit:Steven Siewert

Mr Morris,who had served on the board since 2013,said in a statement to the ASX that he resigned so he could concentrate more on running his accounting business and milking his 250 cows.

"I have an accounting practice with many dairy and rural clients as well as my own dairy farm and I now want to focus more time on those operations,"he said.

Mr Morris served on Murray Goulburn's finance,risk and audit,and supplier relations committees.

Chairman Philip Tracy said last month the board was surprised to discover the co-operative's management,headed by managing director Gary Helou,hadoverestimated sales of Chinese adult milk powder.

That combined with persistently weak global dairy prices led to the profit downgrade. Mr Helou and chief financial officer Brad Hingle resigned from the co-operative immediately.

Last week,Max Jelbart,a farmer from Gippsland,resigned due to ill health.Former UBS chief executive Kiera Grant also quit her directorship.

The co-operative didn't give a reason for Ms Grant's departure,but Mr Tracy said she could not have"reasonably"expected the profit downgrade,considering she joined the board in March.