Murray Goulburn's CEO, Ari Mervis and chief financial officer, David Mallinson are winding up their jobs with the co-operative.
Murray Goulburn announced the two would "cease employment" with the company subject to Saputo taking over the co-operative.
They will be leaving from May 1.
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.”