Andrew Twiggy Forrest’s mining empire loses ANOTHER executive as chief financial officer leaves after just 90 days on the job
Andrew Twiggy Forrest’s mining empire loses ANOTHER director, as chief financial officer leaves after just 90 days on the job
Andrew ‘Twiggy’ Forrest’s Fortescue Metals Group has lost a new director just days after CEO Christine Hick stepped down.
It was announced on Thursday that chief financial officer Christine Morris had left her position after just two months at the iron ore and clean energy group chaired by Mr Forrest, one of Australia’s richest men.
Her departure adds to the rapid turnover within management over the past three years, with Ms. Morris becoming the 11th senior staff member to walk out the door.
“Fortescue’s Group Manager Finance and Tax, Apple Paget, has been named acting CFO of Fortescue Metals,” Fortescue said in a statement to the ASX.
It was not until June 2 that Ms. Morris was announced as finance officer of the mining division, starting her role in early July.
Andrew ‘Twiggy’ Forrest’s Fortescue Metals Group is having a hard time retaining managers
Thursday night’s announcement comes just three days after the company’s CEO Fiona Hick resigned after six months on the job.
“Fiona’s departure has been both kind and mutual, and we heartily wish her well for her future,” Dr Forrest said after the shocking announcement Monday.
The company’s operations officer, Dino Otranto, has been promoted to an executive position.
Only three of the executives on Fortescue’s management team were with the company by the end of 2022.
The resignation followed a star-studded 20th anniversary celebration for Fortescue at the Pilbara last Saturday.
The changes in the executive team are not the only problem Fortescue faces; the ownership structure is likely to change due to the divorce of Andrew and Nicola Forrest.
The country’s richest couple made their decision public in July, saying the split would have no impact on their business or philanthropic endeavors.
Chief Financial Officer Christine Morris has left Fortescue Metals, despite having held the position for only two months
“Our friendship and commitment to our family remains strong,” they said in the statement.
“There is no impact on the operations, control or leadership of Fortescue, Minderoo or Tattarang.
“We will continue our shared mission to create and donate our wealth to address community and global challenges, as recently demonstrated by donating one-fifth of our Fortescue share in recent months to the Minderoo Foundation.”
Shares of FMG closed Thursday at $21.43, up 0.04 percent.