a2 Milk chairman to retire in late 2023

 Since Hearn became the chairman on March 30, 2015, a2 Milk's stock price has jumped more than 1,200%, as of last close, a period which also saw its revenue grow 832%.

Hearn has served the company since February 2014 and will be reaching the end of his term late next year, the dairy products maker added.

The board has come to the unanimous conclusion Pip Greenwood, who is a non-executive director at the company, "has both the skills and importantly the experience to take over from David Hearn at that time," a2 Milk said.

Greenwood, who is also a director on the boards of companies such as Westpac New Zealand, Spark New Zealand, Fisher & Paykel Healthcare and Vulcan Steel, joined the dairy firm over three years ago.

Greenwood, also served as acting chairman and interim Chief Executive Officer at law firm Russell McVeagh where she spent over 10 years, according to the company's official website.

Commenting on his retirement, Hearn said, "Whilst I recognize that we have had some turbulent times recently, it is an extraordinary experience to play a part in the development of this amazing business."