Tue. Jul 5th, 2022

Elizabeth Gaines will step down as head of Australia’s third-largest iron ore mining company, Fortescue Metals Group (FMG), as the company moves to reinvent itself as a vertically integrated green energy and resource group.

Gaines took over as CEO in 2018.

She remains in the company as non-executive director of the FMG board and as Fortescue’s global green hydrogen ambassador.

“I’m glad the chairman, Andrew Forrest AO, has invited me to remain on the board,” Mrs Gaines said.

“The opportunity to continue to contribute to Fortescue and serve our shareholders is a unique privilege, and I look forward to building on my nine years with Fortescue, which since 2013 has seen me serve as non-executive director, CFO and CEO. Manager. .”

Forrest paid tribute to Mrs Gaines when he announced the company’s transfer.

“We are grateful that she has accepted the critical role of ensuring that the world understands that green hydrogen, green ammonia, green energy and all its products are combined, the only practically feasible solution to global warming that can be delivered on a commercial, very high sustainable base, “he said.

“Elizabeth’s depth of character, leadership, global integrity and respect is valued by Fortescue’s leaders and other directors,” he added. Front.

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Speaking in August 2021 after a COVID scare at one of FMG’s mining sites, Elizabeth Gaines discussed the transition from the iron ore miner to green energy.(Rachel Pupazzoni)

New green era

FMG is moving away from being a pure iron ore miner to being a green energy supplier.

Its Fortescue Future Industries (FFI) business has seen Mr Forrest and FFI CEO Julie Shuttleworth travel around the world and Australia to promote their plans to help move the world to green hydrogen power.

“FFI is making tremendous progress and will support the decarbonisation of Fortescue through innovation and technological development of a green fleet and the delivery of green energy,” Mr Forrest said.

Fortescue chief Elizabeth Gaines sits and speaks into a microphone on a panel with others.
Outgoing FMG CEO Elizabeth Gaines with FFI CEO Julie Shuttleworth, who has been busy promoting the company’s greener side.(Delivered.)

FMG is committed to achieving CO2 neutrality on its scope 1 and 2 emissions by 2030.

It wants its scope 3 emissions, its customers’, to reach net zero by 2040.

It plans to help them get there by developing technologies through FFI.

Trailblazer female CEO

Ms Gaines recently joined the board of the West Coast Eagles – prompting speculation about her departure from FMG.

She originally joined FMG as a board member before taking on the role of CFO and later CEO.

Prior to joining FMG, Mrs Gaine was the CEO of Hello World and before that, the CEO of the prominent Perth family business Heytesbury, established by Robert Holmes à Court, Australia’s first billionaire.

She has built her career on “saying yes more than saying no”.

A global search for a new CEO of FMG is now underway.

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