Forrest returns to the top job at Fortescue
FORTESCUE Metals founder Andrew Forrest will take back the reins of the company after an extensive global search, with the major shareholder appointed executive chairman.
The group said on Wednesday Dr Forrest would take control of the company’s iron ore business for the first time since 2011, replacing outgoing chief executive Elizabeth Gaines, who announced her intention to retire in December 2021.
From July Fortescue’s green energy arm, Fortescue
Future Industries, will be run by former Europe president of General Electric Mark Hitchinson, with current FFI CEO Julie Shuttleworth to take an as-yet undefined alternative senior role at Fortescue.
Former AGL boss Andrew Vesey will also join FFI as its head of energy transition projects.
Ms Gaines will remain on the Fortescue board, and will become FFI’S global brand ambassador.
“Dr Andrew Forrest AO will be appointed executive chairman of the Fortescue Group, specifically overseeing the iron ore business for an interim period to help drive the company’s transition when Elizabeth Gaines concludes her highly successful tenure in August 2022,” Fortescue said in a statement.
FFI’S current director of
Projects Gordon Cowe will become its head of projects development, with Fortescue also recruiting Mckinsey’s Christiaan Heyning as the company’s head of decarbonisation.
Fortescue is still hunting for a new head of its iron ore division.
The move gives Dr Forrest total control of Fortescue, both as its biggest shareholder with more than 30 per cent of its stock, and as its most senior executive.
Both Dr Hutchinson and a yet-to-be-appointed iron ore CEO will eventually report directly to Dr Forrest.
Fortescue has been looking for a replacement for Ms Gaines since she announced her intention to resign, with Ms Gaines telling reporters at the company’s March quarter production report the Fortescue board was then considering a short list of candidates.
Dr Forrest said in a statement the sweeping changes at the company were aimed at locking in Fortescue’s decarbonisation plans for its iron ore business and cementing its move towards becoming a green energy giant.
Fortescue did not give any indication of what Dr Forrest would be paid.