Mon. May 23rd, 2022

The head of Andrew ‘Twiggy’ Forest’s $ 60 billion Fortescue Metals Group is on the sidelines as the company continues its transition to a green energy and resource group.

It was announced Friday that CEO Elizabeth Gaines would leave the top job after nearly four years but remain on the board as non-executive director.

She will lead the search for a replacement CEO and continue to serve as Fortescue’s “global green hydrogen brand ambassador”.

Fortescue said its transition from a pure iron ore and future metal exploration group to a vertically integrated green energy and resource business had only been possible through Mrs Gaines’ management.

“I look forward to continuing to work with the talented team across the company as we grow and diversify,” Ms Gaines said.

My heartfelt thanks to everyone at Fortescue for their support of me during my time as CEO, and I look forward to ensuring a successful transfer to the Board’s appointed successor and continuing as CEO until I subsequently change to the role of non-executive. Manager.”

Gaines joined Fortescue Metals as CFO in 2013 – when the shares were worth just over $ 3 – and was named chief executive of the company in February 2018.

Dr. Forrest – who founded the company – is chairman and owner of a controlling stake.

He said he had appointed consulting firm Egon Zehnder to identify a new CEO and other executives with exceptional skills and global experience across heavy industry, manufacturing and renewable energy.

Fortescue Metals has announced that its CEO, Elizabeth Gaines, will step down from the role but remain on the board.
Camera iconFortescue Metals has announced that its CEO, Elizabeth Gaines, will step down from the role but remain on the board. Credit: Delivered

Shares of Fortescue Metals fell 2.3 percent to a low of $ 17.83 immediately after Friday’s management announcement.

The stock price of Fortescue Metals – as well as the value of its major local rivals BHP and Rio Tinto – has taken a beating since they reached record highs back in August, when the fall matched a retreat in red-hot iron ore prices.

During that time, however, Fortescue has also increased its focus on green technology and renewable energy, where Dr. At the forefront, a number of high-profile hydrogen and renewable energy projects were announced through the wholly owned subsidiary Fortescue Future Industries.

Fortescue said Friday that their push into the renewable space had resulted in the largest portfolio of green hydrogen, green ammonia, green iron ore, green iron and other green product developments in the world.

Nevertheless, the company benefited greatly from the rising prices of bulk metal in the early stages of the coronavirus pandemic, and at one point the market value took to $ 80 billion.

The iron ore boom helped the company deliver record profits in FY20 and FY21 and give shareholders a huge dividend payment – including a package of 2.4 billion. USD to Dr. Forrest alone.

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