The Fortescue Metals chief executive, Fiona Hick, is leaving the iron ore miner just six months after taking on the top role, the latest in a wave of high-level resignations.
The change comes during a period marked by huge executive staff turnover at the Andrew Forrest-founded miner, and the pursuit of a new growth leg in hydrogen and clean energy projects.
Fortescue said in a statement Hick made a joint decision with the board to leave.
“The departure of Fiona has been both friendly and mutual and we warmly wish her the best for her future,” Fortescue said in a statement on Monday.
Hick joined Fortescue from Woodside in February. There does not appear to be any transition period, with her successor, the former head of operations Dino Otranto, taking over immediately.
Analysts quizzed Fortescue on the reasons for the high-level change, only to be told it was a planned move and part of an expedited appointment.
The majority of Fortescue’s executive team have left or shifted roles since 2021, representing at least 10 major changes in less than three years.
The longtime finance head Ian Wells resigned in January, shortly after the former deputy Reserve Bank governor Guy Debelle left his executive role. Debelle was recovering from a serious bicycle crash at the time and stayed with the company in a different position.
The ownership structure at Fortescue is also subject to change after the separation of the country’s wealthiest couple, made public in July.
The Forrests said at the time their decision to live apart would not affect their shared philanthropic or business interests, which includes more than a one-third stake in Fortescue.
after newsletter promotion
The changes at the top of Fortescue were announced on Monday, shortly before the company delivered its weakest annual profit in three years, dropping 23%.
Fortescue reported a full-year net profit of US$4.8bn, weighed down by retreating iron ore prices. It also registered a large impairment charge linked to its Iron Bridge magnetite project, which suffered cost blowouts during construction.
Australia’s big miners, including BHP, Rio Tinto and Fortescue, had expected to profit from China’s anticipated pandemic recovery.
Growth has now stalled in the major steel-producing nation, raising concerns among analysts China may experience an even sharper downturn, hurting iron ore prices and the broader Australian economy.
Shares in Fortescue fell more than 4% in early trading after the announcement of the CEO change and release of the company’s 2022-23 results.