Two more long-term Fortescue Metals Group executives depart the iron ore miner
Over the last year Fortescue has lost more than half of its most senior executive leadership team – is the company in a state of turmoil?
Fortescue Metals Group has been hit by the loss of another two senior executives, including a key member of its finance team, extending the dramatic executive exodus from the iron ore major.
The Australian understands Fortescue’s general manager of funding, Penny Stonier, has quit Fortescue to take a senior role at another company.
The head of commercial affairs at subsidiary Fortescue Future Industries, Bethwyn Cowcher, is also understood to have recently handed in her resignation. Both women have been with Fortescue for more than a decade.
Ms Stonier has been a key figure in Fortescue’s funding team for 10 years, as Fortescue repaid and then refinanced billions after nearly collapsing under the weight of its debts in 2012.
Ms Cowcher was most recently in charge of overseeing FFI’s commercial dealings as the Fortescue subsidiary looks to build a business in renewable energy and green hydrogen.
The most recent resignations come on top of a year of turmoil in Fortescue’s executive ranks.
The company is searching for a new chief executive, after Elizabeth Gaines announced her intention to resign in December.
Including the recent resignation of corporate affairs director Alison Terry – and the departure last year of chief operating officer Greg Lilleyman, projects director Don Hyma, government affairs chief Tim Langmead and health and safety director Rob Watson – Fortescue has now lost more than half of its 11-member executive leadership team over the past 12 months.
FFI director of energy Rob Grant left the company shortly before Christmas, as did the general manager of operations at Iron Bridge, Luke Fitzgerald.
Before that the company lost a slew of senior operational managers in its iron ore division, including Pilbara operations boss Fernando Pereira, who left after the company’s board moved to limit short-term bonuses linked to the company’s share price – capped share rewards flowing from it at 28 per cent of their entitlement.
The changeout has come amid a massive shift in Fortescue’s focus as the company pursues chairman Andrew Forrest’s dream of turning the iron ore company he founded into one of the biggest green energy players in the world, with FFI recruiting at a furious rate over the past year as it closes on green hydrogen and renewable energy projects that will likely cost hundreds of billions to build.
Asked about the executive exodus after Fortescue delivered its quarterly production report in January, Ms Gaines denied the company was in a state of turmoil, pointing to the strong performance of its iron ore division over the past year.
“There are many in the resources sector that have seen movements in their leadership teams,” she said.
“The people that you‘re talking about, many of them have been with Fortescue for very long periods of time, you know, a decade or more. It’s not unusual that you’d start to see some turnover.
“That was a record half-year performance.
“There are others in our industry who have been struggling with various different aspects of their operations – and this team has delivered operational excellence again.
“This is a testament to a business that continues to deliver on safety, production and cost.”
Fortescue shares closed on Friday at $22.83.
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