18/05/2022 - 08:24

Forrest returns to FMG top spot

18/05/2022 - 08:24


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Fortescue has announced a raft of changes at the top end of the business, including Andrew Forrest stepping in as interim iron ore boss.

Forrest returns to FMG top spot
Fortescue Metals Group has announced a raft of C-suite changes.

Fortescue has announced a raft of changes at the top end of the business, including Andrew Forrest stepping in as interim iron ore boss. 

Revealed to the market this morning, FMG said it would be transitioning to have both chief executives of Fortescue and its green energy arm Fortescue Future Industries, report directly to the board. 

As part of the C-suite changes, founder Andrew Forrest is set to be appointed executive chair of the Fortescue Group, specifically overseeing the iron ore business, which is currently led by outgoing chief executive Elizabeth Gaines

Mr Forrest stepped down as Fortescue chief executive back in 2011.

"Dr Forrest and his wife Nicola Forrest started Fortescue in 2003, carefully building it into the most efficient iron ore company in the world," FMG said in a statement.

"Dr Forrest will now drive the unique mission to turn Fortescue green by 2030, ensuring the first mover advantage created over the past several years is fully realised for shareholders."

Ms Gaines announced she would be resigning from the role in December 2021, but will remain on the Fortescue board as a non-executive director and become a 'global brand ambassador' for the division. 

She is set to step down from the role in August this year. 

Also inlcuded in the leadership changes is the appointment of former president and CEO of General Electric Europe, Mark Hutchinson, who will start in July as FFI's director of projects. 

He will then go on to replace Julie Shuttleworth in her capacity as chief executive officer at the end of this year, who will in turn move to a senior executive leadership role. 

Speaking to his appointment, Mr Hutchinson said it was the "opportunity of a lifetime". 

“I am really looking forward to working with Andrew, Julie and the whole FFI team," he said. 

Former AGL chief executive Andrew Vesey will be appointed FFI's head of energy transition projects.

In further board changes, Fortescue will bring on Ms Li Yifei as a director. A move the company says will give it one of the highest levels of female representation on an ASX listed board. 

Ms Li currently sits on the board of BlackRock China and is a Global Trustee of the Rockefeller Foundation. 

Meanwhile, Jalal Bagherli will be appointed co-chair of recently acquired Williams Advanced Engineering, alongside FMG deputy chair Mark Barnaba.

Fortescue acquired the UK-based engineering firm connected to late F1 team owner Frank Williams in a bid to bring race-bred battery technology to its iron ore fleet.

Fortescue shares were up 2.17 per cent to trade at $19.81 at 10:14 am AEST.


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