Fortescue CEO Nev Power to step down in February

Fortescue Metals Group chairman Andrew Forrest has announced that CEO Nev Power will step down from the role in February following seven years in charge of the firm.

Forrest said that Power’s departure will signal the ‘next chapter’ for Fortescue and the CEO’s decision is consistent with a long-term succession plan to diversify the business.

“We could not be more pleased with his stewardship and respect his decision that it is time for the next chapter of Fortescue to begin,” said Forrest in a statement.

“This is consistent with our long-term succession plan and we both share great confidence in the quality of internal and external candidates to continue Fortescue’s legacy.”

It has been reported that Power has been considering leaving for some time but wanted to wait until the end of year results had been announced before making a decision.

“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.

“It has been a very long time that I have been working, it seems, full-bore.

“I am looking forward to taking some time off and taking some time to work on a few personal business interests.”

The announcement comes shortly after Fortescue results showed the company’s strong financial performance in the last year.

Fortescue raised its dividend and promised to sustain higher payouts for shareholders on the back of a lift in iron prices and lower prices doubling full-year profit to US$2.09 billion.

FMG shares fell by 4% after the news broke.