Freedom Foods CEO resigns

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.