Robert Gay, co-founder of Huntsman Gay Global Capital LLC, is stepping down as chief executive officer at the private-equity firm for a full-time position with the Church of Jesus Christ of Latter-day Saints, according to a person familiar with the plans.
Gay was called last month to be a member of the First Quorum of the Seventy, a group of ecclesiastical leaders based in Salt Lake City, according to a March 31 news release from the church. He co-founded the Palo Alto, California-based firm in 2007 with Jon Huntsman, father of former presidential candidate Jon Huntsman Jr. and chairman of chemical maker Huntsman Corp. (HUN)
Gay, 60, a former managing director at Bain Capital LLC, resigned from that firm in 2004 after 15 years to volunteer in Africa for the Mormon church, according to Huntsman Gay’s website. He is a supporter of fellow Mormon and former Bain Capital CEO Mitt Romney for U.S. president.
Huntsman and Gay both plan to give their share of their firm’s profits to charity, a company spokesman said in 2009. Huntsman Gay’s partners include Steve Young, the retired National Football League quarterback, and Gary Crittenden, a former Citigroup Inc. executive.
Huntsman Gay finished raising its first fund in 2009, collecting $1.1 billion amid an industry slump. Fortune Magazine reported Gay’s departure earlier today.
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