Power steps down as FMG chief

Fortescue Metals Group chief executive Nev Power has decided to step down from his role after almost seven years.

Fortescue chairman Andrew Forrest said Mr Power would finish in his role on 18 February 2018.

“Nev has executed his duties to the highest degree and met or exceeded the often unreasonable standards set by his board,” Mr Forrest said.

“We could not be more pleased with his stewardship and respect his decision that it is time for the next chapter of Fortescue to begin.

“This is consistent with our long term succession plan and we both share great confidence in the quality of internal and external candidates to continue Fortescue’s legacy.”