Fortescue Metals Group chief executive Fiona Hick has become the latest senior executive to leave a company that moves to the tune of one man - Andrew Forrest.
Hosting Fortescue’s 20-year birthday party at the Pilbara on Saturday night, chairman Andrew Forrest’s showmanship was dialled up to max, but his candour meter not so much.
While Forrest belted out songs with rock veteran Jimmy Barnes, Hick’s future at Fortescue had already been sealed. Most notable exits at Fortescue included those of former Reserve Bank deputy governor Guy Debelle, who resigned as chief financial officer of Fortescue’s green arm, Fortescue Future Industries, and Ian Wells, who had been CFO of the iron ore division.
What we do know is that at the end of last week, Fortescue’s senior management and board held a three-day talk fest at which Hick’s future was clearly a topic of discussion. By the end of that process, she was no longer the chief executive. Without any real explanation, the void was filled by numerous conspiracy theories. Was it connected to the $1 billion write down in Fortescue’s Iron Bridge project? Was there a personal falling out between Forrest and Hick?
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