SEVERAL of the largest shareholders in Tasmanian woodchip company Gunns have sought the resignation of chairman John Gay, angry he sold shares not long before its disastrous first-half earnings result.
Sources said some angry institutional investors flew to Launceston about 10 days ago to confront Mr Gay about the company's poor performance and its strategy. Its shares are at near 10-year lows, according to The Australian Financial Review.
Mr Gay told The Examiner newspaper in Tasmania that he, along with two other Tasmanian directors, former premier Robin Gray and Richard Millar, were asked to leave the board by fund managers that own a major part of Gunns.
The investors also want the company to stop logging native forests, which they believe is bad for its international reputation.
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