Murray informed the board of his wish to retire for family reasons earlier this year.
Derwent Executive has led a six-month search for Murray's replacement, settling on long-time AngloGold executive Gibbs.
Gibbs is currently general manager of Sunrise Dam, leading its renaissance, and was GM of Tropicana for six years until 2017 - a mine that Gold Road said shared similarities with its 50%-owned Gruyere gold development.
"In Duncan Gibbs we have found a very capable and suitable new managing director and chief executive officer, who will lead the next chapter of Gold Road's growth," Gold Road chairman Tim Netscher said.
Netscher described Murray's leadership as inspirational and transformative.
"Ian first joined this company as a non-executive director in late 2007 before taking over as executive chairman in May 2008, when Gold Road was a sub-A$8 million explorer," he said.
"Under his leadership, the company has confirmed a 6 million ounce greenfields gold discovery, is on the verge of first production from a world-class, long-life mine, and has a market capitalisation of more than $600 million.
"Ian has instilled a can-do culture at Gold Road that is helping the company unlock potential, and he has been a passionate public advocate for the mining and exploration industry."
Murray will spend more time with his family and pursue non-executive roles. He said it was an emotional day, but the right decision.
"In addition to the growth in Gold Road's market value, we have grown the leadership team and board," he said.
"As a significant shareholder of the company, I am confident I am leaving Gold Road in the safe hands of the board and these leaders under the guidance of Duncan, while I focus on the next stage of my career."
Murray will formally step down from the role on September 17, but will remain a director and assist Gibbs with the transition until the end of the year.
Gibbs said he was proud and humbled to have been selected to lead Gold Road through an exciting growth phase.
"I look forward to working with the very capable executive team and all of Gold Road's important stakeholders to continue to deliver sustainable shareholder wealth," he said.
"While my initial focus will be on working collaboratively with Gold Fields Australia in achieving the safe and successful operational start-up of Gruyere, 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."
Gold Road shares closed half a cent lower today at A65c, valuing the company at just under $575 million.
*Kristie Batten is editor of www.miningnews.net