Fortescue chief financial officer Ian Wells has joined Guy Debelle in making a quick exit and won’t deliver next month’s financial results amid a major exodus.
Fortescue Metals Group’s chief financial officer Ian Wells will depart the company in 22 days and will not present the company’s February half-year financial results, in the latest executiveMr Wells is the ninth senior executive to leave Fortescue in a two-year period marked by strategic change and extraordinary staff turnover, and his sudden exit was described as both “challenging” and “not ideal” by members of the financial community.
Morgans analyst Adrian Prendergast noted that the three-week notice period was short in comparison to the Fortescue policy that requires key management personnel to give six months written notice of resignation. Both Ms Hick and Dr Hutchinson will have the title of chief executive of their respective divisions and both will report directly to the board rather than to each other, with major shareholder Dr Forrest serving as executive chairman.
FFI receives 10 per cent of annual earnings generated by the iron ore division and is notionally limited to spending that much. Asked to explain that allocation in February 2022, Mr Wells said it was because the iron ore business would be a major customer of WAE’s battery technology.
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