Freedom Foods, which operates a dairy processing factory in Shepparton, has lost its chief executive officer, Rory Macleod.
The board announced he had resigned on Tuesday, only days after the chief financial officer also left the company and board chairman Perry Gunner has stepped up as executive chairman.
Shares in the food processor have been in a trading halt since last week, when the company told the ASX there were some major announcements to be made.
The company has announced it has scrapped 60 positions across the business, involving 40 redundancies, and has had to write down the value of stock by $60 million. Freedom had told the market in May the figure was about $25 million.
It has engaged independent consultants Ashurst and PwC to investigate the company's financial position.
Freedom Foods makes cereals, snack foods and drinks and in 2014 established a factory in Shepparton, which produces UHT milk for export.
It has factories in Ingleburn, Dandenong and Darlington Point.