Andrew Forrest and Elizabeth Gaines announce Fortescue Metals Group will begin a global search for a new chief executive.Credit:Edwina Pickles
Dr Forrest said the company was “immensely lucky” to have had “one of Australia’s truly inspiring leaders” helming the iron ore giant for the past three years.
Fortescue’s share price has quadrupled since Ms Gaines began leading the company in February 2018. On Friday,shares were down 1.21 per cent to $18.02 in early trading. Since 2019 Fortescue’s shareholders have grown from 35,000 to 170,000 and more than doubled since December.
“We really do believe we have strong tailwinds of support across the investment community,” Dr Forrest said.
In the ambassador role,Ms Gaines will be responsible for championing green hydrogen,green ammonia,and green energy as the only practical solution to global warming that can be delivered on a commercial,highly sustainable basis.
“ I don’t see this as a departure of any shape or form. I think it’s just the opportune time for Fortescue who are genuinely transitioning,” Ms Gaines said.
Before joining Fortescue’s board nine years ago,Ms Gaines worked in investment banking and private equity. She was formerly the chief executive of travel group Helloworld and Heytesbury Cattle company and sat on multiple boards such as the owner of this masthead,Nine Entertainment Co. Before her appointment as chief executive in February 2018,Ms Gaines was the chief financial officer of Fortescue.
Ms Gaines said she was unlikely to take up another role in addition to her directorship duties as the ambassador role will take up a “reasonable amount of time even for a non-executive director.”