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.

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