Changes at top for Fortescue

IRON ore miner Fortescue Metals has named its finance head Elizabeth Gaines as the new chief executive, after a months-long global search to replace the retiring Nev Power.

The company yesterday also announced further changes to its management team, vowed to raise the grades of its iron ore production and suggested it would likely diversify into other products.

Fortescue picked Ms Gaines, a former chief executive of travel group Helloworld, as CEO, less than a year after appointing her to the chief financial officer role.

She has been on Fortescue’s board since 2013, and will take up her role as the first female CEO at a major Australian miner in February, when Mr Power steps down.

Chairman and biggest shareholder Andrew “Twiggy” Forrest also announced the formation of a new core leadership team that would include new deputy chief executive and chief operating officer positions.