He will be succeeded by Duncan Gibbs, who has previously been general manager at AngloGold Ashanti’s Sunrise Dam and Tropicana gold mines.
The transition will take effect from 17 September 2018, with Murray remaining a director and assisting Gibbs in the handover until the end of the year.
Gold Road non-executive chairman Tim Netscher said Murray’s leadership of the company had been inspirational and transformative.
He 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 Gibs we have found a very capable and suitable new managing director & CEO, who will lead the next chapter of Gold Road’s growth.”
Commenting on his departure, Murray said it was an emotional day for him but that it was the right decision.
Murray continued: “I look forward to working with Duncan Gibbs on a smooth leadership transition.”
A search for Murray’s replacement began after Murray informed the Gold Road board of his plans to retire once construction of the Gruyere Gold Project was nearing completion.
The process has been assisted by international executive search firm Derwent Executive.
Gibbs said the initial focus will be on working collaboratively with Gold Fields Australia in achieving the safe and successful operational start-up of Gruyere.
He said: “It is equally important for me to enable Gold Road to build on its industry leading exploration expertise to deliver the next significant gold mine."
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Gibbs has a BSc (Hons) in geology and is a member of the Australasian Institute of Mining and Metallurgy.
He led a significant turnaround program at Sunrise Dam and led Tropicana from discovery through all study phases and construction.
The parallels between Tropicana and Gruyere are notable, with both mines being of similar scale, developed in a joint venture structure, and based on world-class greenfields discoveries in Western Australia’s Goldfields.