Outgoing Fortescue CEO looks forward to time off

FORTESCUE Metals Group chief executive Nev Power plans to take a break and help his son on a cattle station when he steps down after seven years at the helm of the mining company.

The 59- year- old, who says he hasn’t had more than three consecutive weeks off since he was 15, will in February end his term as only the second chief executive to lead the company in its 15 years of operation.

Mr Power, who has been chief executive since July 2011, yesterday said he had been considering leaving for a while but wanted to wait until the completion of Fortescue’s fullyear results.

“I sense it is the right time for Fortescue and for myself,” Mr Power said. “It has been a very long time that I have been working, it seems, fullbore.”

But Mr Power won’t be idle for long.

“I am looking forward to taking some time off and spending some time working on a few personal business interests, including helping my son on the cattle station,” he said.

Mr Power said he will continue to work with chairman Andrew Forrest and Fortescue’s board to help manage the transition to a new chief executive. He said he hoped to continue to be associated with, and to support, the company.

He said Fortescue was in great shape and on an “enormous trajectory” with a “brighter than ever” future.

The world’s fourth- biggest iron ore exporter said Mr Power’s decision was consistent with its long- term succession plan to enter a period of growth in other business opportunities.

“Nev has executed his duties to the highest degree and met or exceeded the often unreasonable standards set by his board,” Mr Forrest said yesterday, revealing the company had already begun screening internal and external candidates.

“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.”