Fonterra said its chief financial officer Marc Rivers would leave at the end of this year after the dairy co-op's annual meeting. 

Chief executive Miles Hurrell said Rivers joined Fonterra in 2018 and had played a critical role in resetting Fonterra's financial health. 

"It's been clear from day one that Marc felt a great sense of responsibility to our farmer owners, unit holders and also New Zealand's economy," Hurrell said in a statement. 

"Our balance sheet is now in a strong position," he said. 

"We have a long-term strategy with clear targets out to 2030 and our farmer owners have given the green light on our flexible shareholding capital structure. 

"Marc has been instrumental in all of these areas." 

Fonterra earlier reported a first-half net profit of $364 million, down 7 per cent from the previous corresponding period. 

The co-op's normalised earnings before interest and tax came to $607m, down 11 per cent.