After just six months in the role, Fortescue Metals CEO Fiona Hick is leaving the resources giant in what has been described as a “joint decision” between Hick and the board, that was “both friendly and mutual”.
Hick was appointed to the role in November and started in February, becoming one of the country’s very few female CEOs to lead an ASX 200.
She was at Fortescue’s 20th birthday celebrations over the weekend, which saw Fortescue founder Andrew (Twiggy) Forrest arriving at the venue on a tip truck as AC/DC’s Thunderstruck blared through large outdoor speakers, and Jimmy Barnes later appearing to share an hour-long set in front of the 700 strong crowd.
Hick’s departure was announced at the company’s end-of-financial-year investor briefing on Monday.
The immediate response to news that Hick was leaving saw Forestcue shares take a 5 per cent dive on Monday, wiping a massive $3 billion from value.
No reason has been shared for the exit. However, her successor has been named, with Dino Otranto to take the helm, stepping up from his current position as Fortescue’s iron ore operations officer. Otranto managed the investor briefing call on Monday.
Forrest thanked Hick in the ASX statement: “We thank Fiona for her valuable efforts since joining Fortescue just under six months ago and wish her all the best with her future pursuits.”
The Forestcue board statement said on Hick leaving: “The departure of Fiona has been both friendly and mutual, and we warmly wish her the best for the future.”
Hick has been instrumental in seeing resources in Western Australia fixing its sexual harassment problem, after serving as president of WA’s Chamber of Minerals and Energy. Previously the CEO of Woodside, she was appointed to the Fortescue role in November, at a time when the company was essentially split between mining and its growing energy division. The last couple of years has seen a number of key leadership changes at Fortescue, including Elizabeth Gaines stepping down as CEO in December 2021, Ian Well leaving his CFO post in January 2023 and Guy Debelle leaving as FFI CFO, after just months in the job. Gaines recently returned to Fortescue to take on a role as a part time executive director. More recently, Andrew and Nicola Forrest announced plans to separate.
Hick’s appointment had followed a year-long search for a CEO. She described it as a “once in a lifetime opportunity” when the appointment was announced in November, and had been tasked with leading Fortescue’s clean energy initiative with the company continuing its massive transition to green energy. At that time, Hick said she was committed to leading Fortescue’s vision of becoming the “leading green metals and energy company globally.”