Elders chief executive and managing director Malcolm Jackman is leaving the company immediately.

In a statement on Wednesday, the troubled rural services company said discussions had been held earlier in the year regarding Mr Jackman’s retirement.

“The decision to bring forward Mr Jackman’s retirement from the business has been reached after further discussions over the last week,” the statement said.

Chairman Mark Allison will chair an executive committee, comprising all members of the company’s leadership team, until a replacement is found.

“The restructure and refocusing of Elders on its core rural services business and markets is now in its very final stages and is on track for completion in early 2014, so this is an appropriate time for Malcolm to step down,” Mr Allison said.

“On behalf of the board, I extend our sincere thanks and respect to Malcolm for his leadership and commitment to the company over the five years since he was appointed as CEO in September 2008.”