Better to have a clean break: Guy Debelle exits Fortescue

Guy Debelle says he ‘learned a hell of a lot’ from Andrew Forrest, but it was incompatible to keep working for Fortescue Future Industries.

Outgoing Fortescue Future Industries director and former Reserve Bank of Australia deputy governor Guy Debelle. Picture: AAP Image/Kelly Barnes.

Outgoing Fortescue Future Industries director Guy Debelle said he “learned a hell of a lot” from Andrew Forrest during his 18-month role, but it was incompatible to keep working for the resources giant due to conflicts with a new role at a green-focused developer.

His resignation topped off a tumultuous week for the iron ore billionaire following the shock departures of Fortescue’s chief executive Fiona Hick on Monday and its chief financial officer Christine Morris on Thursday night.

Mr Debelle, a former Reserve Bank of Australia deputy governor, officially quit the board of Fortescue Future Industries on Thursday.

He has taken a board role at aspiring green energy developer, Tivan, and said he could not juggle the two roles.

“They are a bit too much in the same space and even in the same geographic space in the Northern Territory. It was better to have a clean break.”

The ex-central banker will potentially look at picking up another board or advisory role.

“I don’t have anything else lined up to go. But I probably have space for something else in my life.”

Still, he said the experience at Fortescue was a valuable learning curve.

“I learned a hell of a lot. It was very exciting and interesting,” he told The Australian. “It was a great experience. I learned a lot from Andrew.”

Asked if he had spoken to Mr Forrest over the management turmoil at Fortescue this week, Mr Debelle said: “No. I think he’s got a few other things to get on with. So no.”

He said he would “not provide commentary” on the mining mogul’s vision for green energy.

“You could ask [FFI CEO] Mark Hutchinson that directly.”

Mr Debelle has been a frequent speaker at business conferences this year spruiking the need for Australia to boost its response to the Biden administration’s $US1 trillion ($1.54 trillion) green energy policy, the Inflation Reduction Act.

And he said Australia needs to accelerate the transition to green energy.

“We need to get our skates on. We have a challenge in front of us, but it’s a challenge we have to meet. Or we are going to be in serious sh*t.”