The church called him over the weekend, the source says. Bloomberg is reporting that Gay was called to be a member of the First Quorum of the Seventy. He is stepping down as CEO and MD of Huntsman Gay, the story says.
Gay co-founded the Palo Alto, Calif.-based Huntsman Gay with Jon Huntsman in 2007. Gay is listed as a managing partner, co-founder and CEO of Huntsman Gay, according to the firm’s website. He is also a member of the firm’s policy and investment committee.
Gay spent 15 years at Bain Capital, where he was a managing director. He resigned in 2004 to volunteer for his church in Ghana, Sierra Leone and Liberia, according to the Huntsman Gay web site.
In 2009, the PE firm raised $1.1 billion with its first fund, Huntsman Gay Capital partners Fund LP.
News of Gay’s departure was first reported by Term Sheet. Calls to Huntsman Gay were not returned.