Toal, who has been in the role for three years, is to be replaced by Neil Kennedy as interim CEO.
The company produces bakery and confectionery functional blends and is owned by the Irish Dairy Board (IDB).
Kevin Lane, IDB CEO, described Toal as bringing a “great energy” to the role. He said: “I want to thank him personally for all of his support over the last three years and wish him all the best in his future career.
“Kennedy’s undoubted experience and in-depth understanding of the market will be of great value as we move forward in the next stage of the development of the business.”
Kennedy is a former chairman of Dairy UK and CEO of Milk Link.
*A previous version of this story featured a misprint of Mr Toal's name. British Baker apologises for this mistake.