Mackay Sugar chairman Eddie Westcott said the new structure would give the board more flexibility and choice in exploring avenues to improve the business.

“The new structure is a crucial first step in enabling us to begin the long journey needed to take Mackay Sugar into the future," he said.

"But, the structure alone will not ensure success - by itself, it's not a silver bullet.

"The board knows we have to continue working hard to make things happen.”

Mr Westcott said the board was well aware that the future of the sugar industry lies in diversifying its income stream away from sole reliance on raw sugar.

“Our focus now must be on delivering viable business cases for diversification and cogeneration projects that attract investors and ensure our shareholders receive a continuing source of income for their cane.”