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Murray Goulburn's CEO Ari Mervis will step down after the $1 billion takeover by Saputo is completed next month.

The news followed on from the announcement that the proposed acquisition of MG's operating assets and liabilities by Saputo had received Foreign Investment Review Board (FIRB) approval, clearing the final hurdle to the deal which received the blessing of the ACCC and shareholders in recent weeks.

MG said that the deal is expected to complete on 1 May, after which time CEO Ari Mervis, CFO David Mallinson, and company secretary Amy Alston would cease to be employed with the company.

MG chairman John Spark said: “On behalf of the board, I would like to thank Ari for his significant contribution to MG.

“Ari is among the most talented executives I have worked with during my career and he has worked tirelessly to resolve the difficulties faced by MG.”

“The Board remains unanimous that the Saputo transaction provides the best available outcome for our suppliers and investors and this view is supported by the thorough work undertaken by Ari and his management team during the strategic review.”

Spark also said Mallinson had made a sustained contribution to MG in his various roles. “We thank him for his service, in particular helping to manage MG as interim chief executive officer during very challenging circumstances.

“I would also like to thank Amy for her outstanding counsel to MG and unrelenting support of the board throughout this period. We wish them all well in their future endeavours.”

Once the transaction completes, MG will continue to exist and will hold some non-operating assets and liabilities, including cash, retained litigation and a number of subsidiary companies that are not part of the operating business acquired by Saputo.