Hagger out of Andrew Forrest’s Tattarang investment vehicle

The Fortescue Metals chairman said the ex-NAB executive would move on after three years in the top job at his private investment company and charitable foundation.

Andrew Forrest has build a significant portfolio of private investments. Picture: John Gass

Former National Australia Bank executive Andrew Hagger is out of the top job at Andrew Forrest’s private investment vehicle and charitable foundation after three years in the position.

Mr Hagger, who joined Tattarang and the Minderoo Foundation in March 2019, will be replaced by the company’s chief investment officer John Hartman.

Mr Hagger left NAB, where he had been chief customer officer for consumer banking and wealth management, shortly after his appearance at the financial services royal commission.

At the time, Michael Hodge QC, the counsel assisting the commission, said Mr Hagger had displayed a “disrespect for the role of the regulator and a disregard for the gravity of the events in question”.

Despite this, Mr Hagger has guided the private interests of the Fortescue Metals chairman and his wife Nicola with success. Tattarang is the country’s largest private investment group with ownership of the iconic RM Williams brand and Harvest Road pastoral empire to aquaculture operations in Albany. Tattarang also has a 17 per cent stake in the Australian Agriculture Company, the country’s largest beef producer, and a large holding in Bega Cheese.

In August, The Australian reported Mr Forrest was eyeing the yet-to-be-built Waldorf Astoria development fronting Sydney’s Circular Quay, a project worth $600m. Through Tattarang, Mr Forrest also acquired Lizard Island in Queensland in November for $42m.

The company also holds investments in resources and energy companies.

Mr Forrest was Australia’s second richest person this year with wealth of $31.77bn according to The List – Australia’s Richest 250, up from $29.61bn in 2021.

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

“It’s been an honour to assemble such an extraordinary, high performing, values driven team which is having such an impact,” said Mr Hagger. “I’m proud of the deals we have done, the partnerships we have collaborated on, the leaders we have recruited and the businesses we have built.”

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

Mr Hartman has been appointed chief executive of Tattarang and acting chief of the Minderoo Foundation.

“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.