President of the Irish Farmers Association Eddie Downey has resigned from his position.
The announcement comes amid further revelations about payments at an emergency meeting of the executive council tonight.
The meeting follows a massive controversy surrounding pay packages given to Downey and other current and former senior members of the IFA.
It was revealed earlier this week that former General Secretary Pat Smith earned over €500,000 last year, with Mr Downey receiving almost €200,000.
Executive members tonight heard that Mr Downey had approved a €2m severance package for former general Secretary Pat Smith - a lump sum of €1m and €100,000 annually for 10 years.
The IFA intends to challenge the payment, the Irish Farmers Journal reports.
In a statement, Mr Downey said it was a "very difficult decision" to step down as leader of the body, which he has served for over 25 years.
"I have always demanded the highest levels of governance and accountability within IFA and my clear understanding was that governance and management of IFA was a clear function and responsibility of the senior executive leadership with oversight from elected officers," the statement read.
"In the interests of continuing to have a strong voice and representation for Irish farmers and the agricultural sector, it is essential that Con Lucey now gets the opportunity and backing from Executive Council and staff, together with the space by ordinary farmer members of the IFA, to complete his work comprehensively," Mr Downey added.
He also asked for privacy for himself and his family "at this extremely difficult time."
News Editor with the Irish Farmers Journal Patrick Donohoe says the speed of developments has been surprising:
According to the Irish Farmers Journal, Downey was absent from the meeting after he decided to "step back" in the wake of the ongoing crisis over senior pay packages at the IFA.
The organisation's constitution states that a new president must be elected within two months.
During the meeting, the executive council approved a review of the structures and pay levels in the organisation, to be led by former IFA Chief Economist Con Lucey.
