His departure follows the redundancies of corporate affairs manager Matt Flugge, the manager of ethical production and trade, Dr Norm Blackman, and the manager of industry relations, Danny Pagoda, which were announced last week.

In a statement released to the media this morning, AWI chairman Wal Merriman said Mr Welsh was leaving the business with the support of the board.

"On behalf of AWI I would like to thank Craig Welsh for his work at AWI in undertaking the integration of The Woolmark Company," Mr Merriman said.

In return Mr Welsh thanked Mr Merriman, the board and the staff "for the opportunity to be part of the wool industry through these exciting and challenging times".

"I have been extremely pleased to have worked in such a dynamic industry and to manage the integration of the Woolmark into a new integrated business model," he said.

"This has been a very challenging and rewarding experience.

"Over the last two years I have come to the conclusion that the wool industry has a strong future and I am very optimistic about the company's role in the wool industry."