Chris Newman will be replacing Gay as chairman of Gunns and Southern Star Corporation with David Simmons, taking up the position of deputy chairman. Newman was appointed a director of Gunns in 2001. He is also a director of Austereo Limited, Worldwide Entertainment Limited and Webjet Limited.

In March the company reported a 98.7 per cent drop in profits to $400,000, compared with $22m in the second half of 2009. Since Gay’s retirement the company’s share price has jumped 43 per cent to 39 cents.

Commenting on Gay’s retirement, The Wilderness Society says this is the biggest breakthrough in 20 years which creates the circumstances to achieve permanent and lasting resolution to the conflict over forestry in Tasmania.

A statement from the Society outlines, “At times this has seemed unachievable but there has now been a major breakthrough. The Wilderness Society congratulates Gunns’ major shareholders on this initiative to set a new direction and as a first step to creating a sustainable industry.”

Gay began his career with Gunns in 1973, was appointed general manager in 1982, managing director of Gunns in 1986 and Chairman of Gunns in 2002. The Board and Management said they wish to thank Gay for his many years of dedication and commitment to Gunns and his substantial contribution over that time.

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