Andrew Forrest moves Squadron boss Eva Hanly from post after six months
Andrew Forrest has moved the boss of his private energy arm, Eva Hanly, over to Fortescue to embark on a new challenge following Squadron’s $4bn CWP Renewables takeover.
Billionaire Andrew Forrest has switched out the leadership at yet another of his companies, with Squadron Energy boss Eva Hanly to move into a new role at ASX-listed Fortescue Metals Group.
Ms Hanly took on the top job at the iron ore mogul’s private energy arm on July 4, replacing interim boss Michael Shaw.
She leaves the company after closing Squadron’s $4bn acquisition of CWP Renewables in December although a plan to bring on Australia’s first LNG import plant by the end of 2023 in Port Kembla in NSW has been met with tepid interest from buyers.
CWP boss Jason Willoughby – previously managing director of GE’s energy financial services business – will step into the position as the new Squadron chief executive at the end of January.
The Australian understands Squadron staff were advised of the leadership change two days before Christmas, and Dr Forrest confirmed the changes on Wednesday, saying Ms Hanly would take up a senior role at Fortescue.
“Eva‘s leadership and vision at Squadron have been wonderful,” Dr Forrest said in a statement. “With the acquisition of CWP, she has helped ensure Squadron is superbly placed at the forefront of Australia’s decarbonisation as the country’s largest green energy company. Eva will now help to lead the charge … at Fortescue.
“Jason Willoughby has been successful in building CWP’s portfolio of projects, as well as securing power purchase agreements.
“He will now lead the delivery of Squadron’s 20GW development pipeline," he added.
The management reshuffle follows a falling-out between Dr Forrest and Atlassian billionaire Mike Cannon-Brookes over the future of renewable energy play Sun Cable, which entered administration on Wednesday.
Squadron and Mr Cannon-Brookes’ CBC Co are Sun Cable’s two biggest shareholders.
A Squadron spokesman said on Wednesday that the management transition at the company and the Sun Cable development were unconnected, however.
Still, the announcement of Ms Hanly’s departure from Squadron has cropped up amid an ongoing wave of leadership instability at Dr Forrest’s companies.
On Monday Fortescue announced the sudden departure of well-regarded chief financial officer Ian Wells, who will leave the company at the end of February – ahead of the delivery of its half-year financial results and before incoming iron ore boss Fiona Hick starts her role. Mr Wells is one of 18 senior departures over the last two years from Fortescue and its green energy arm, Fortescue Future Industries. Only two of the 11 members of the senior leadership team profiled in its 2021 annual financial report now remain with the company.
In addition to the turmoil in Fortescue’s leadership team, Dr Forrest also lost the services of former NAB executive Andrew Hagger in October, after almost four years running Dr Forrest’s Minderoo Foundation and private investment arm Tattarang.
Ms Hanly’s move to Fortescue is the second senior executive to shift from Dr Forrest’s private companies to Fortescue in the last year. In February long-term Minderoo and Tattarang executive Felicity Gooding – who had served as chief financial officer, chief operating officer and deputy chief executive at the Minderoo – moved across to take up the role of chief commercial officer at FFI.
In November, after the sudden departure of high profile FFI recruit Guy Debelle for health reasons, she was appointed as FFI’s interim chief financial officer.
Another long-term lieutenant of Dr Forrest, Michael Masterman, has served at both Fortescue and the mining magnate’s private companies. Mr Masterman, who worked with Dr Forrest at Anaconda Nickel, was the chair of Squadron from 2020 to November 2021. He was FFI’s chief financial officer from October 2020 until leaving to make way for Dr Debelle’s appointment in July.
Long term Squadron boss Stuart Johnston left the company in October 2021, and is now heading up Gina Rinehart’s gas play, Hancock Energy.
In November, Dr Forrest said prominent businessman Rod Eddington would join the advisory board of Squadron, having hired former Australian Energy Market Operator managing director Audrey Zibelman in September.
Mr Eddington is also chairman of investment bank JP Morgan’s Asia Pacific Advisory Council.