Fortescue shares slip after leadership revamp
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The news: Shares in Fortescue Metals have slipped after the iron ore mining giant announced another revamp of its top leadership that will see two senior executives step down.
The numbers: Fortescue shares are down 1.7% to $15.62 in early trading on the ASX.
The context: The company announced late on Thursday that Mark Hutchinson will retire as CEO Energy, and move to a global marketing role and senior board adviser for the next year. Shelley Roberson will also step down as COO to pursue non-executive director duties.
Group executive chair Andrew Forrest said the head of Latin America operations, Agustin Pichot, would take over as CEO of growth and energy from 1 July, while Dino Otranto, the CEO of metals and operations, will assume an expanded role to include responsibility for global electrification and decarbonisation and production of hydrogen plants.
The news followed the company’s announcement of further delay in the troubled ramp up of its Iron Bridge magnetite mine in Western Australia, which is now expected to reach nameplate capacity only in FY28.
The source: ASX
