The founder and CEO of Fortescue Metals Group Ltd (ASX:FMG), Andrew Forrest, will retire as CEO on the 18 July and move into the Chairman’s role.
The Pilbara focused iron ore miner says after a global search for almost three years, chief operating officer, Nev Power, has been chosen to replace Mr Forrest.
Current chairman Herb Elliott will become lead independent director in the role of deputy non-executive chairman.
Mr Elliot says Mr Forrest will remain closely involved with the delivery of Fortescue’s growth plans, with the miner currently targeting 155 million tonnes per annum.
Mr Forrest has a 31.25 per cent stake Fortescue, that he founded in 2003, and says he now plans to focus increased energy, time and attention on philanthropic activities.
In the first half of the 2011 financial year Fortescue Metals generated a seven-fold jump in its interim earnings, posting a net profit of $309 million.
