News reaching VERY SERIAL indicates Fiona Hick, CEO of Fortescue Metals Group has just quit his position. The organization’s high-flying female boss has shocked investors and industry watchers and the resources over her decision to exit the iron ore miner after less than six months.
Fiona Hick made a ‘joint decision’ with the company’s board to leave the business, FMG said in a statement issued on Monday. It comes after Forrest celebrated 20 years of the company at a party attended by the country’s political and media elite in the Pilbara, in north-west Western Australia, on Saturday.
This move is part of a trend of significant executive turnover within the Andrew Forrest-founded miner, occurring alongside the company’s exploration of new growth avenues in hydrogen and clean energy projects.
Company reports weakest profits in three years
According to a statement from Fortescue, Hick’s departure was a mutual and amicable decision made in conjunction with the board. Dino Otranto, the former head of operations, will immediately succeed Hick as CEO.
This leadership change follows a series of high-level shifts at Fortescue, with numerous members of the executive team leaving or changing roles since 2021.
This outcome was attributed to declining iron ore prices and a significant impairment charge related to the Iron Bridge magnetite project.
China’s slower growth has raised concerns about the future of iron ore prices and their potential impact on the broader Australian economy.
Following the announcement of the CEO change and the release of the company’s 2022-23 results, Fortescue’s shares fell by over 4% in early trading.”