Gaines named new CEO of Fortescue Metals
Fortescue says Elizabeth Gaines will take over from Nev Power to become the first female CEO of a major Australian miner.
Elizabeth Gaines has won the race to take over as the chief executive of Andrew Forrest’s Fortescue Metals Group, in a history-making appointment for the Australian mining industry.
Fortescue today announced that Ms Gaines would take over from the outgoing Nev Power, making her the first female CEO of a major Australian mining company.
While Ms Gaines, currently FMG’s chief financial officer, was considered a frontrunner for the CEO role, Fortescue also announced the surprise appointment of Julie Shuttleworth, the general manager of Fortescue’s Solomon operations, into the newly-created role of deputy chief executive.
Ms Gaines was vying for the position with Fortescue’s director of operations, Greg Lilleyman, who will now move into the newly-created role of chief operating officer.
Ian Wells is the new chief financial officer.
Fortescue chairman Mr Forrest, who owns 33 per cent of the company, said in a statement to the ASX that the new leadership team would differentiate itself from the typical “command and control environment” in the resources sector.
“Elizabeth has shown strong aptitude to encourage her colleagues and sleet recognition to them while actively supporting all those around her to be as successful as possible,” Mr Forrest said.
“It is this aversion to being the smartest person in the room, her obvious and effective collegiality and ability to communicate at all levels of both the organisation and the community that led to the board’s decision to select Elizabeth over an outstanding international field of CEO applicants.”
Ms Gaines said in a statement that she was both privileged and humbled to be chosen as Fortescue’s third CEO.
“Fortescue is a unique company and a feature of our success is the strong relationship between the chairman and CEO,” she said.
“I embrace the culture and values that truly set this company apart and I look forward to working with Andrew, the board and the newly appointed leadership team of talented individuals to continue to deliver success and value for our shareholders.”
Fortescue had already made history earlier this year when it became the first major Australian company to have a majority-female board.
Mr Power announced in September that he would be stepping down as CEO in February after seven years at the helm. He has said he wants to take a break from the corporate world and help his son on a cattle station.
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