Fortescue Executive Exodus Gathers Pace as Debelle Resigns

Fortescue Executive Exodus Gathers Pace as Debelle Resigns

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(Bloomberg) — Fortescue Metals Group Ltd., the world’s fourth-largest iron ore miner, is being hit by an executive exodus, with former Reserve Bank of Australia deputy governor Guy Debelle becoming the third to resign this week.

Debelle said by phone on Friday that he had resigned from the board of the company’s new energy arm and was “moving on to different opportunities.” A call and email to a Fortescue spokesperson weren’t immediately answered. The company’s shares fell as much as 4.3% in Sydney on Friday.

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Read More: Fortescue CFO Morris Departs, Names Apple Paget as Acting CFO

Debelle’s exit comes days after Fiona Hick, chief executive officer of the iron ore division, resigned after less than six months in the role, while on Thursday evening the Perth-based company announced Christine Morris was departing as metals chief financial officer. 

Earlier this week Fortescue announced an 11% fall in full-year profit, reflecting the struggles of iron ore miners as China’s economy has weighed on demand for the steelmaking material. Fortescue aspires to become a major producer of green hydrogen and other clean-energy technologies under its chairman and founder, billionaire Andrew Forrest. 

Prior to Fortescue, Debelle worked at the central bank for 25 years. After joining Fortescue last year, he resigned from senior management after being involved in a serious cycling accident in August.

He will join the board of critical minerals company Tivan Ltd. from Monday, that company said in a separate statement.

Hick was replaced immediately by Dino Otranto, the company’s chief operating officer for iron ore. Morris’s role has been taken by Apple Paget in an acting capacity.

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—With assistance from Swati Pandey.

(Updates with details on Debelle’s move in fifth, sixth paragraphs)

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