Gaines takes over from Power as Fortescue CEO

Elizabeth Gaines. Image: Fortescue Metals Group

Elizabeth Gaines has officially become the chief executive officer of Fortescue Metals Group.

The iron ore miner’s third CEO, and its first female in the role, Gaines started in the position this week, replacing Nev Power, who was at the helm for almost seven years.

Gaines, previously the company’s chief financial officer, was named as Fortescue’s next CEO in November 2017.

Fortescue reported today that Gaines’ contract as CEO would include a $1.5 million remuneration package, as well as several short- and long-term incentives.

Andrew Forrest, Fortescue chairman, said the company’s board recognised the need for executive salaries to be closely linked to its performance.

“Fortescue’s board is committed to a remuneration structure which drives superior performance against our stretch targets to deliver shareholder value and encourages decision-making focused on the longer term,” Gaines said.

“Recognising the market expectation that salary levels for incoming CEOs are typically lower at the start of the term, we believe that the base salary and incentive arrangements for our new CEO will ensure the strongest alignment for delivery of the best outcomes for our shareholders.”

Gaines is the former CEO of Helloworld. Prior to that, she was chief operating officer and CFO of Helloworld, CFO of Stella Group, chief finance and operations director of Entertainment Rights in the United Kingdom and CEO of Heytesbury.

Ian Wells has taken over as Fortescue’s CFO, while Julie Shuttleworth was appointed its deputy CEO. Fortescue today also announced the appointment of Cameron Wilson as its company secretary.

Fortescue also released its half-year results today. Read about them here.

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