Gunns chairman John Gay quits
Updated
Gunns chairman John Gay is quitting the timber company and all its subsidiaries. (ABc News: Josh Goodyer)
Gunns chairman John Gay has announced he is quitting the timber company and all its subsidiaries.
In a statement to the Stock Exchange, Gunns Limited says Mr Gay is retiring from the board of Gunns, its subsidiary Southern Star Corporation and all related subsidiary companies, effective immediately.
Mr Gay stepped down as chief executive of Gunns almost a year ago, but retained control of the controversial pulp mill project.
He has been under pressure from major stakeholders to leave.
Mr Gay began with the company in 1973 and was managing director for the past 24 years.
The board says Mr Gay was instrumental in the rationalisation of the Tasmanian timber industry.
Gunns’ share price plummeted this week despite the company announcing it had sold its retail arm for $40 million.
First posted