Family comes first for Ian Wells as speculation mounts over his next career move
Despite industry talk that Pilbara Minerals, Evolution Mining and even Newcrest could be a good fit for Ian Wells, he says his family comes first.
Fortescue Metals’ outgoing chief financial officer, Ian Wells, says he leaves the miner in a “strong position” and will spend time with his family and friends after exiting the company this month.
Mr Wells made the comments in a statement provided by Fortescue on Tuesday, a day after the company announced his exit. He will leave just weeks before Fortescue is due to deliver its half-year financial update in February.
“Being part of an executive team that continues to deliver consistent and predictable performance, irrespective of the market cycles and global volatility, takes leadership, courage and commitment,” Mr Wells said.
“Fortescue has a track record of delivery and that is achieved by focusing on the things that we can control, and I am proud of that … We have built together a very strong balance sheet and a highly capable finance team.
“Fortescue is in a strong position to be able to deliver on short, medium and long-term growth options through the Iron Bridge magnetite project, Fortescue’s decarbonisation, and FFI’s portfolio of opportunities.
“I am now looking forward to taking some time off to spend with family and friends.”
Mr Wells’ exit brings to nearly 20 the number of executives leaving Andrew Forrest’s mining and hydrogen business since the start of 2021, coming some two months after the abrupt departure of former Reserve Bank deputy governor Guy Debelle, who was CFO at Fortescue Future Industries – the group’s green projects arm.
Fortescue finally announced a new chief executive for its iron ore division in November, appointing Woodside executive Fiona Hick to the role almost a year after former boss Elizabeth Gaines said she intended to leave.
“The departure of Ian Wells is disappointing and has occurred just 40 days after the announcement of new leadership in iron ore with the appointment of … Hicks,” Macquarie brokers said.
“All longer-term senior executive management in the iron ore business having left Fortescue in the past two years.
“Fortescue’s ability to sustain a strong dividend payout ratio while funding rising expenditure in (FFI) presents a material risk to our base case forecast,” they said.
Mr Wells’ resignation leaves Fortescue without a permanent finance chief across its iron ore and energy operations, with FFI’s head of commercial Felicity Gooding filling in as interim CFO at FFI when Dr Debelle stepped down and no permanent replacement was named.
Fortescue said Mr Wells, who has served as its chief financial officer since late 2017, was leaving the company to “pursue other opportunities”.
Mr Wells was also responsible for Fortescue’s $US800m ($1.2bn) foray into the green bond markets last year, a significant step as it looked to capitalise on plans to become a green hydrogen giant.
“Ian has made a huge contribution to Fortescue over what we will look back on as the formative years of Fortescue,” Mr Forrest said on Monday. “Working closely with the board, Ian and the executive team have played an important role in the development and execution of our capital allocation framework together with supporting Fortescue’s differentiating culture and values.”
Mr Wells leaves Fortescue amid a wealth of opportunities in the Australian mining sector. Pilbara Minerals and Evolution Mining are on the hunt for a new chief financial officer, and sources told The Australian on Monday that he could also be in contention at Newcrest Mining, which parted company with chief executive Sandeep Biswas last month.
Dr Forrest remains as executive chairman of the company after stepping into the role last May as Fortescue hunted for a replacement for Ms Gaines.
There was another wave of key departures last year, including its sales and marketing director, head of corporate affairs Alison Terry, replacement projects director Derek Brown, and human resources executive Linda O’Farrell.
Fortescue shares closed up 14c at $21.77. They have risen 3 per cent in 12 months.