What’s the latest on Fortescue’s executive team?

Fiona Hick has left Fortescue just six months after she was appointed to the role of chief executive officer.

According to the iron ore major, Hick’s departure is a mutual decision between her and the company.

“We thank Fiona for her valuable efforts since joining Fortescue just under six months ago and wish her all the best with her future pursuits,” Fortescue executive chairman and found Andrew Forrest said.

Hick will be replaced by Dino Otranto who joined the company in 2021 as chief operating officer iron ore.

The new board change is just the latest in a series of leadership movements at Fortescue.

The major announced yesterday that former head of CSIRO Dr Larry Marshall would join the team as a non-executive director, while Deborah Caudle was appointed as chief financial officer (CFO) of Fortescue Future Industries earlier in August.

June 2023 saw Christine Morris move into the role of Fortesuce CFO, six months after previous CFO Ian Wells resigned.

In July, Andrew and Nicola Forrest announced their separation after 31 years of marriage. The Forrests’ have stressed that their friendship remains strong.

“There is no influence on the operations, control or direction of Fortescue, Minderoo or Tattarang,” they said in a statement.

The reaction to the latest leadership change has been widespread, with Fortescue shares dropping by five per cent, dropping $3 billion in value.

However, the news hasn’t been all bad for the major miner. It reported an underlying net profit after tax of $US5.5 billion ($8.5 billion) in the 2023 financial year (FY23).

“The team has delivered a fourth consecutive year of record operational performance for FY23, contributing to underlying net profit after tax of $US5.5 billion and free cash flow of $6.6 billion,” Otranto said in his maiden announcement as CEO.

While profits seemingly continue to climb, it remains to be seen what the next move will be from the major.

Australian Mining.

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