Culture

Fortescue CEO looking forward to time off

Fortescue CEO looking forward to time off”

He will leave on February 16, seven years after starting at the pure play iron ore miner.

The stock closed down 4 percent at A$5.81, the lowest in almost a month.

The stock was off 4.2 percent by 0230 GMT at A$5.57, its lowest in almost a month, after opening weakened on commodity price concerns as investors digested news of Power's departure just a few weeks after steering the miner to a record final dividend on annual profit that more than doubled.

The move - "a major loss for Fortescue" according to Macquarie Securities - comes at an inflection point for the $14 billion mining firm.

Fortescue chairman Andrew Forrest announced today that Power would complete his term as CEO on February 16 2018 - nearly seven years after he started in the role.

Chairman Andrew Forrest said he was making the announcement with "excitement for Fortescue, elation for Nev and my own personal sadness".

The world's forth-biggest iron ore exporter said Mr Power's decision was consistent with its long-term succession plan to enter a period of growth in other business opportunities.

"If you were thinking along the lines of just narrowing us into the mining sector, I wouldn't do that", Forrest said, declining to say what business areas were under consideration for development.

Former senior Rio Tinto (LN:RIO) executive Greg Lilleyman, who joined FMG as director of operations at the start of the year, is the presumed successor. Fortescue's costs have dropped to under $13 a tonne, the lowest in the industry.

'I sense it is the right time for Fortescue and for myself, ' Mr Power said adding that the longest time he had had off since beginning his career at the age of 15 had been three weeks.



Like this

Latest


15 September 2017
Kathalo Rajakumari Movie 1st Day Collections, Kathalo Rajakumari Box Office Collection
The film is the directorial debut of Mahesh Surapaneni, who is taking baby steps to mark his impression in the industry. Kathalo Rajakumari Collections: Movie All the male audience will think of their Rajakumari while watching the movie.

15 September 2017
First Industrial Realty Trust, (NYSE:FR) Trading Volume Significantly Lower
Following the completion of the purchase, the director now owns 30,838 shares in the company, valued at approximately $556,317.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink .

15 September 2017
Iran 'Clearly in Default of Expectations' of Nuclear Deal - Tillerson
The three countries will have a separate discussion on tackling the aggressive and illegal actions of the North Korean regime. All of us set down our own concerns and said "what can we do to help each others" citizens' and we're very thankful for that.

15 September 2017
Russia CB Slashes Rate By 50 Bps As Expected, Signals More Cuts
Medium-term risks of inflation overshooting four percent dominate over the risk of its steady downward deviation from the target. The regulator said inflation is below the target of four percent, and Russia's economic output has been expanding.

15 September 2017
Superman Shields A Group Of Undocumented Immigrants From A White Supremacist
In the plot, Kal-El (Superman's real name) strives to reconcile his extra-terrestrial origins along with his new life on Earth. In 2015, Dylann Roof, a white supremacist, shot and killed nine black worshipers at a Charleston, South Carolina church.

15 September 2017
The internet can't stop making fun of the new iPhone X
This is based on a comprehensive analysis of a user's voice waveform, unique pronunciation, pitches, accents, and speaking speed. The iris is recognized by a front infrared camera, so iris recognition is not affected by surrounding environments.

15 September 2017
Investigation of WellCare Health Plans, Inc. announced
Wcm Investment Management increased Gorman (NYSEMKT:GRC) stake by 10,360 shares to 24,662 valued at $763,000 in 2016Q4. Zurcher Kantonalbank (Zurich Cantonalbank) invested in 3,019 shares. 51 funds opened positions while 89 raised stakes.

15 September 2017
TTM Technologies, Inc. (TTMI) PT Raised to $17.00
Several institutional investors have recently modified their holdings of TTMI. 61 funds opened positions while 91 raised stakes. The firm earned "Overweight" rating on Tuesday, April 4 by JP Morgan. (NASDAQ:TTMI) on Thursday, August 6 with "Buy" rating.

15 September 2017
Indian market ends flat, hit by global tension over North Korea
The Indian rupee strengthened by 4-5 paise to 64.07-08 against the USA dollar from its previous close at 64.12. The Nifty ended 0.01 percent lower at 10,085.40 but finished the week with a 1.5 percent gain.

15 September 2017
Maharashtra extends deadline for online loan waiver applications
The Aadhaar-linked online enrollment process, the government claimed, helped it filter eligible farmers from fake beneficiaries. Of this seven million, 4.5 million farmers applied online, according to an official at the department of cooperation.



Recommended