Fortescue Metals Group will give former chief executive Elizabeth Gaines a million dollar pay rise and elevate her to “executive” status as part of efforts to win her commitment to the company.

Ms Gaines’ shock return to the executive ranks is the latest in a series of changes to the company’s leadership structure and was announced on the same day that Fortescue director and remuneration committee chairwoman Jen Morris gave three weeks notice of her intention to retire on June 30.