Murray Goulburn chairman Phil Tracy has apologised to suppliers at the company's annual general meeting and says he intends to resign once a new managing director and the new board members have settled into their roles.
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Special director Peter Hawkins has also advised his intention to retire from the board of directors, meaning the company is now looking for a replacement for him as well as continuing its search for another new special director.
Mr Tracy also flagged a review of the current payment system and the board structure.
He told the meeting the period since April had been "a very challenging period for the co-op".
"I want to take this opportunity to again express how deeply sorry I am that Murray Goulburn suppliers have had to endure such a heavy burden,” Mr Tracy said.
The representation of south-west farmers has risen with the election of three new directors from the area.
Craig Dwyer (Bullaharre) Harper Kilpatrick (Koroit) and Lisa Dwyer (Hawkesdale) have joined the board.
Mr Dwyer said he did not underestimate the challenges Murray Goulburn faced now.
He said the company had big decisions to make, some were not easy but were necessary to take "this great company forward".
Mr Dwyer refused to be drawn on the question of whether he had confidence in Mr Tracy, saying the question of the chair and vice chair would be decided at a vote following the meeting.
He said the newly elected Western Victorian board members brought good diversity to the board.
Mr Kilpatrick said all the major dairy exporting regions in the world featured strong co-operatives.
Mr Kilpatrick said the succession process of a new chair for the board needed to be managed.
He said the directors had a fiduciary duty to act in the best interests of both shareholders and unitholders and "if we get it right it works for both".
