Alison Watkins, Graincorp Ltd's chief executive, has stepped down just days after the Australian government blocked a takeover by US agribusiness firm Archer Daniels Midland Inc (ADM). Watkins will start managing Coca-Cola Amatil Ltd (CCA) starting March, according to Reuters.

Watkins had planned to leave the grains handler once the ADM takeover was approved. However, Australian Treasurer Joe Hockey gave in to pressure from local grain growers. He rejected the AUD2.8 billion (USD2.6 billion) bid from ADM on Friday, the report explained.

GrainCorp Chairman Don Taylor said: "The expectation in the investment community was that ADM's offer for GrainCorp would be approved and effected in the near term. In that context, it is not surprising that an executive of Alison's calibre has attracted interest and had new opportunities presented to her."

Taylor will become the temporary executive chairman of GrainCorp while the company searches for a replacement. Watkins ran the company for three-and-a-half years, the report stated.

Meanwhile, GrainCorp shares went down by almost a quarter on Friday after Hockey blocked the ADM bid. The company's shares were down 1.4% on Monday, Reuters reported.