Billionaire Andrew ‘Twiggy’ Forrest and his estranged wife Nicola have stepped down as co-chairs of the charity they founded more than two decades ago. They say it’s ‘the right time’ for change.
Minderoo Foundation announced the change in leadership in a statement on Thursday, just months after its 300-strong workforce was cut by a third to reduce administration costs.
The Forrests were Australia’s richest couple before announcing their shock split in July 2023 after 31 years of marriage.
Western Australians established the Minderoo Foundation in 2001, which aims to uplift communities, support gender equality, protect natural ecosystems and respond to emerging threats and challenges worldwide.
The philanthropic organization has also provided humanitarian assistance in Gaza and Ukraine and runs programs in nearly 40 countries.
The Forrests donated $5 billion worth of Fortescue stock to the foundation last year.
Prominent lawyer and former Chancellor of the University of Melbourne, Allan Myers KC, has been announced as the new independent chair.
The Forrests remain involved in the foundation as a non-executive board.
Andrew ‘Twiggy’ Forrest and his ex-wife Nicola (pictured in 2013) have stepped down as co-chairs of the Minderoo Foundation
“We couldn’t be prouder of what has been achieved over the past 23 years, and with Minderoo’s 2030 Strategy now finalized and implemented, now is the right time for change in governance,” a joint statement said.
‘Under Allan’s leadership as independent chairman, we know Minderoo will continue to deliver on its mission to create a fair future by challenging inequalities and campaigning for meaningful change.’
Mr Forrest will turn his attention to his Fortescue’s iron ore empire and its target of net-zero emissions by 2030.
“I have an unwavering passion to lead the world away from a potentially catastrophic future, and will continue to steer Minderoo, Tattarang and Fortescue in one direction – to ensure we leave our planet livable for future generations,” he said.
“Fortescue’s efforts to unapologetically pursue Real Zero by 2030, both profitably and globally, will maintain its pre-eminent position as the world’s cheapest iron ore producer and Australia’s most successful company.
‘Scientists and companies around the world have embraced the reality that Real Zero 2040 – ending the use of all fossil fuels by 2040 is the only way we can prevent a climate crisis.
Ms Forrest added: “Guided by its new strategy, Minderoo and its partners are in an even stronger position to face these challenges together, and stepping aside is a sign of confidence in our future journey and the impact that we will make.’
Nicola and Andrew Forrest (pictured) split in 2023 after 31 years of marriage
Mr. Myers pledged to continue the unprecedented generosity, vision and optimism of the founders embodied in the foundation.
“I will do my best as chairman to help realize their ambitions for the lasting benefit of Australia and the rest of the world,” he said.
The Forrests, who have an estimated combined net worth of $37 billion according to The Australian’s Richest 250 list for 2024, announced their separation in July 2023 after months of speculation that they were no longer together.
“After 31 years of marriage, we have made the decision to live apart,” they said in a joint statement.
“Our friendship and commitment to our family remains strong.”
The Forrests, who met at a housewarming party in 1988, made their fortune largely through a 36 percent stake in iron ore miner Fortescue Metals Group, which he founded in 2003.
They also jointly oversee their private investment arm, Tattarang Capital.
Andrew ‘Twiggy’ Forrest will turn his attention to his Fortescue’s iron ore empire
At the time of the split, the Forrests stated that there would be no change in the way their business and charity empire operated.
“There is no impact on the operations, control or management of Fortescue, Minderoo or Tattarang,” a company spokeswoman assured investors.
The Forrests have three adult children: Grace, Sophia and Sydney, and have not suggested they have plans to divorce.