UPDATE 2.15pm: Former Australian cricketing great Adam Gilchrist has resigned from the board of sandalwood grower TFS Corporation because of increasing media commitments and other professional commitments.
The announcement follows Gilchrist's decision this week to top up his holding in the company, by spending $99,710 buying an extra 56,500 shares in an on-market trade at an average price of $1.76.
The purchase brings his holding to 2.18 million shares worth nearly $4 million at the company's trading price of $1.78.
TFS said Gilchrist's departure was in line with the company's ongoing program of board renewal and its new growth strategies.
The company said Gilchrist would continue on as a global ambassador for the company.
Gilchrist said it had been a wonderful experience to be part of the board of a company that he had been an investor and shareholder in for nearly 14 years.
"The increased knowledge and insight into the business that I have gained will only enhance my role as ambassador with the regular travel I carry out to India, UAE and Europe - all regions with significant market interest and growth potential for TFS," he said.
"With the company having recently begun its first commercial harvest, secured a long term supply agreement and a strong increase in its share price in the last six months, I have no doubt the business is extremely well positioned to capitalise on the exciting opportunities that lie ahead."
Gilchrist joined the board of TFS in June 2011 after being signed up as global ambassador for its brand in August 2009.
Gilchrist played 96 Test matches and more than 270 one-day internationals for Australia as an attacking left-handed batsman and record-breaking wicket-keeper during his cricketing career.
He retired from international cricket in March 2008.