Nev Power’s tenure as chief executive officer of Fortescue Metals Group will come to an end in February next year.
Fortescue chairman Andrew Forrest announced today that Power would complete his term as CEO on February 16 2018 – almost seven years after he started in the role.
Forrest commented: “Nev has executed his duties to the highest degree and met or exceeded the often unreasonable standards set by his board.
“We could not be more pleased with his stewardship and respect his decision that it is time for the next chapter of Fortescue to begin.
“This is consistent with our long term succession plan and we both share great confidence in the quality of internal and external candidates to continue Fortescue’s legacy.”
Power took over from Forrest as Fortescue’s CEO. Forrest and Power are the only executives to hold the position in the iron ore miner’s 15-year history.
According to Fortescue, the company has more than quadrupled its iron ore production to 170 million tonnes per annum since Power was appointed as CEO in July 2011.