Forrest takes back Fortescue Group reins

Image: Fortescue Metals Group

Andrew Forrest is set to resume duties as executive chairman of the Fortescue Group when Elizabeth Gaines concludes her tenure in August.

The move is part of a Fortescue Metals Group restructure, with both the chief executive officer of Fortescue and the CEO of Fortescue Future Industries (FFI) reporting directly to the Board.

Gaines will remain on the Fortescue board as a non-executive director and become Global Brand Ambassador for FFI.

The company stated the move further signified the evolution of Fortescue into a global green renewables and resources company, first announced in 2020.

It will help to deliver Fortescue’s global green energy business strategy – to lower global emissions, to decarbonise Fortescue, and to create significant additional value for shareholders, through sharing green fuels and technology with the world.

Forrest and his wife Nicola started Fortescue in 2003, carefully building it into the most efficient iron ore company in the world. He will now drive the unique mission to turn Fortescue green by 2030, ensuring the first mover advantage created over the past several years is fully realised for shareholders.

In other appointments, Mark Hutchinson, former President and CEO of General Electric Europe, will join FFI in early July, initially in the role of Director of Projects, before assuming the role of CEO of FFI, by the end of 2022.

The current FFI CEO, Julie Shuttleworth, will continue in her role during the transition process and will then move to a senior executive leadership role at FFI.

Li Yifei has also been appointed as a Fortescue board director in 2022 (subject to normal procedures). She currently serves on the board of BlackRock China and is a Global Trustee of the Rockerfeller Foundation.

Andrew Vesey, former CEO of AGL Energy, will be appointed as FFI’s Head of Energy Transition Projects. Andrew has spent more than 40 years transforming and repositioning organisations by focusing on advanced technology and execution.

About Ray Chan

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).

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