Coillte's chief executive David Gunning has decided to leave the State-owned forestry and natural resources group when his contract ends on March 19th.
Mr Gunning has led the company for seven years and his decision to leave comes at a time when the Government is proposing to sell harvesting rights to Coillte's forests.
Staff were informed of his decision yesterday and the company has appointed Gerry Britchfield as acting chief executive. Mr Britchfield has been managing director of Coillte panel products since 2007, having joined the business in 1992. In a note to staff yesterday, Mr Gunning said his time with the company had been a "very fulfilling experience".
It is not clear what Mr Gunning plans to do on leaving Coillte or why he has decided to leave the business at this time. He previously spent 20 years in the technology and telecoms sectors.
Coillte has not been immune to the effects of the economic downturn. After-tax profits halved between 2007 and 2011 to €19.9, while its sales declined by 18.6 per cent during the period to €259.1 million.
