The ad spawned hundreds of complaints to the Advertising Standards Authority about inappropriate nudity.
The final scene of the ad, created by Quiet Storm, has been edited to remove the offending bottoms and the original ad is no longer being shown on TV.
Kerry Foods launched the ad on 4 June to push the brand's natural ingredients and is supporting the television campaign with outdoor advertising.
The original ad received the dubious accolade of winning Campaign's Turkey of the Week two weeks ago.
Claire Winstanley, marketing director of meats at Kerry Foods, the maker of Richmond Sausages claimed the new product is "game-changing for the ham market".
However, only three weeks later the brand has backtracked from its controversial advertising strategy to produce a less provocative version of the ad.
A spokesperson for Richmond Ham said: "Our advert was designed to convey our core message about Richmond Ham's 100% natural ingredients in a light-hearted, tongue-in-cheek manner.
"Following recent feedback from some consumers, we have decided to tweak the ad slightly, whilst taking care to ensure it maintains its central theme."
The Kerry Foods ad campaign follows on from the Bartle Bogle Hegarty-created Yeo Valley ads that also feature sexy farmers.
Follow Matthew Chapman at @mattchapmanUK