Andrew Forrest loses boss of his private empires

Andrew Forrest’s $2.6 billion philanthropy arm Minderoo is looking for a new boss after the departure of former NAB executive Andrew Hagger who also stepped down as chief executive of Forrest’s investment company Tattarang.

Tattarang and Minderoo chief investment officer John Hartman has been appointed permanent chief executive of Tattarang and acting chief executive of Minderoo.

The surprise departure of Hagger, who had led both organisations since early 2019, was announced late on Monday.

Former NAB executive Andrew Hagger, who was criticised by the Hayne royal commission, had led both organisations since early 2019.Credit: Darrian Traynor

Tattarang’s diverse investments include Squadron Energy which is developing a gas import terminal at Port Kembla, Harvest Road that has six cattle stations and an abattoir in WA, an acquirer of global mining interests Wyloo Metals, R.M. Williams boots, a slice of Bega Cheese and more than a whiff of medicinal cannabis company Little Green Pharma.

The Minderoo Foundation had net assets of $2.6 billion in June 2021 - according to a filing with the Australian Charities and Not-for-profits Commission - with initiatives spanning the marine environment, medical research, fire and food resilience, early childhood development and stopping slavery.

Forrest added $500 million to its bank that year powered by the dividends he receives from his 37 per cent stake in $51 billion iron ore miner Fortescue Metals Group.

Forrest is worth $31 billion, according to the Australian Financial Review 2022 Rich List, second only to fellow WA iron ore entrepreneur Gina Rinehart.

The billionaire praised Hagger’s leadership of his two organisations.

“I have enjoyed such a close, trusting relationship with Andrew for the past four years, and that will continue,” Forrest said.

Hagger said he would work closely with Hartman and the directors to ensure a smooth transition.

“Minderoo and Tattarang are in such strong positions, so it’s a good time to turn my attention to other things in life,” Hagger said.

Previously Hagger was NAB chief customer officer for consumer banking and was accused of “not being candid” with the corporate watchdog the Australian Securities and Investments Commission at a torrid hearing of the Hayne banking royal commission.

Hartman, 36, has advised Forrest on investments for a decade during which the value of the portfolio under his control has soared.

To now head Tattarang - Australia’s largest private investment group - is an extraordinary achievement given the former Sydney-based stockbroker’s predicament before Forrest employed him.

In December 2010 Hartman was sentenced to 4½ years’ jail (later reduced to 15 months on appeal) for giving a school friend insider information in exchange for an even split of the profits.

Tattarang and Minderoo chief investment officer John Hartman has been appointed permanent chief executive of Tattarang and acting chief executive of Minderoo.Credit: Philip Gostelow

Hartman pleaded guilty to 19 charges of insider trading and agreed to testify against school friend Oliver Curtis.

It was not until Hartman was free and working for Forrest in 2016 that he was called to be a witness in a case where his fellow Saint Ignatius College Riverview alumni was sentenced to a minimum of one year in jail.

Hartman said it had been a privilege to work with Hagger.

“We have worked together overseeing a period of strong growth and diversification for Tattarang, and I’m proud to have been part of the strong Minderoo Foundation leadership team that Andrew Hagger helped form,” he said.

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