Murray to retire from Gold Road

Gold Road Resources has announced the retirement of long-standing chief executive Ian Murray, with former AngloGold Ashanti general manager Duncan Gibbs set to take the reins.

Mr Murray will step down next month and will remain as a director until the end of the year to assist Mr Gibbs with the handover.

Gold Road said Mr Murray had informed the board of his wish to retire once construction of the Gruyere gold project was nearing completion.

Non-executive chairman Tim Netscher thanked Mr Murray for his service.

“Gold Road owes enormous gratitude to Ian, whose leadership of this company has been inspirational and transformative,” Mr Netscher said.

“This has been a succession planning process that began at the start of this year to ensure an orderly transition and handover and the best possible outcome for Gold Road.

“In Duncan Gibbs we have found a very capable and suitable new managing director and chief executive officer, who will lead the next chapter of Gold Road’s growth.”

The leadership change was assisrted by executive search firm Derwent Executive.

Last month, the company flagged further cost increases at the project, in which it holds a 50 per cent stake, to $621 million.

Mr Murray said he looked forward to working with Mr Gibbs during the transition.

“In addition to the growth in Gold Road’s market value, we have grown the leadership team and board,” he said.

“As a significant shareholder of the company, I am confident I am leaving Gold Road in the safe hands of the board and these leaders under the guidance of Duncan, while I focus on the next stage of my career.”

Mr Gibbs will receive a fixed remuneration of $450,000.