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Fortescue says investors welcomed decisive moves on executives

20th September 2023

By: Bloomberg

  

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Fortescue Metals Group, dealing with a string of high-level departures that has raised questions over plans to transform the group into a green-energy powerhouse, said on Tuesday that investors welcomed a swift resolution.

Less than a month ago, three high profile executives left Fortescue in one week, including former Reserve Bank of Australia deputy governor Guy Debelle and Fiona Hick, head of the metals division, prompting a debate over governance that has dominated discussions around post-earnings meetings with investors.

“We’ve talked about the transition of the leadership, but once we’re through that, it’s all about how the business is going,” Mark Hutchinson, CEO of Fortescue Energy, said in an interview with Bloomberg News in New York.

Hutchinson, echoing comments by billionaire founder Andrew Forrest, said Hick was “not aligned”, and the company moved swiftly in response.

“The response from investors was quite positive. They understood that if you have got something which doesn’t work, make the decision and move on — rather than let it fester.”

Edited by Bloomberg

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