Billionaire in big move as philanthropic and business empire takes shape

Billionaire Nicola Forrest has hired digital banker Philippa Watson to run her emerging philanthropic and business empire.

Nicola Forrest is intent on using the Coaxial entities as a one-two punch in venture capital, philanthropy, advocacy and partnerships.

Billionaire Nicola Forrest has poached NAB digital banking guru Philippa Watson to run a growing philanthropic and business empire that is underpinned by 50 million shares in iron ore miner Fortescue.

Ms Watson will take on the role as chief executive of Ms Forrest’s Coaxial Ventures, which holds the Fortescue shares, and the not-for-profit Coaxial Foundation.

Ms Forrest is intent on using the Coaxial entities as a one-two punch in venture capital, philanthropy, advocacy and partnerships to unlock the potential of Australian children and families.

Ms Watson, who was chief executive of NAB-owned UBank, is expected to take up her new job in June as Ms Forrest starts to act on her vision for Coaxial and moves further out of the shadow of her husband and Fortescue founder Andrew Forrest.

“Philippa is a proven leader with a remarkable track record in transformation and impact,” Ms Forrest said.

“Her strategic vision, operational excellence and deep commitment to purpose-driven leadership will be critical as Coaxial accelerates its mission – connecting capital, changemakers and communities to drive systemic change and unlock the potential of all Australians.

“Philippa’s leadership comes at a crucial time as Coaxial moves into delivery mode.”

Coaxial Foundation’s initial project, called Oasis, is up and running, and aimed at boosting access to quality early learning in so-called childcare deserts – defined as areas where there are more than three children vying for every childcare place.

Nicola Forrest and Philippa Watson. Picture: Coaxial Imagery

Ms Forrest said Ms Watson would be tasked with developing Coaxial’s impact investment strategy and “programs to create new opportunities for those who need them most”.

Ms Watson has led digital-focused UBank since 2020 and is a director of Lifeline Australia and a member of Chief Executive Women.

NAB confirmed Ms Watson’s resignation and acknowledged her achievements across the past four years at the helm.

UBank increased its customer satisfaction score to the second highest of any bank in Australia and grew customer numbers, deposits and home loans during her time in charge.

 “Philippa has successfully led UBank through significant transformation, including the acquisition and integration of neobank 86 400,” NAB chief operating officer and UBank chairman Les Matheson said.

“She has built a technology platform and culture that positions the business for continued momentum and long-term growth.”

Coaxial Ventures is expected to focus on businesses and investments that can complement and help fund Ms Forrest’s wealth distribution and goals in philanthropy.

The Fortescue shares were transferred to Coaxial Ventures in June 2023 shortly before the Forrests confirmed their separation after 31 years of marriage.

Ms Watson said it was a privilege to join Coaxial in support Ms Forrest’s bold vision, outlined to The Australian in December.

“I look forward to the opportunity to work with passionate Australians to achieve positive change in our communities and to leading the Coaxial team at this pivotal time,” she said.

Ms Watson is the latest key appointment in recent months. Julia Davison, founding chief executive of Goodstart Early Learning, was named as chairwoman of the Coaxial Foundation in December with Indigenous leader Tanya Hosch also joining the board. Alyssa Lane, who has a strong track record in strategic philanthropy, was appointed head of the not-for-profit foundation.

Originally published as Billionaire in big move as philanthropic and business empire takes shape