The CEO for the 4th largest iron ore producer Fortescue (Australia) has stepped down amid the company’s transition to renewable energy

Fortescue Metals Group stated that Elizabeth Gaines is expected to step down as the CEO once the successor gets nominated, as the miner has started indicating signs to make a pivot from being an iron ore producer to a renewable energy/resources firm. Gaines, who have been leading the world’s fourth-largest iron ore producer for the past four years, is anticipated to remain on board with Fortescue as a non-executive director and may end up assisting in finding a new CEO for the company. The move exchanged paths with the company as Fortescue’s present chairman and Australia’s richest person, Andrew Forrest, has been pushing for a transition for the company toward becoming the world’s largest green energy group, with growing focus on the company’s green power arm, which is known by the name, Fortescue Future Industries.

Forrest appreciated Gaines, who happens to be working with the company for more than nine years, as one of the nations “truly inspiring leaders.” The company stated that she was one one who made a decision to assist with selecting a newer candidate for the CEO position and provide with the help of the board.

Fortescue has made themselves enlisted with a management consulting firm Egon Zehnder to identify their next CEO and other senior leaders possessing global experience across manufacturing, heavy industry, and renewable energy. In October 2021, the company had laid out certain ambitious target with one of them comprising generation of more than 15 million tons of green hydrogen per year by the end of 2030, which could end up getting sold across Asia as green hydrogen/ammonia, which is utilized as a fertilizer. The company has grown committed to expend at most 10% of its profits after tax for the green push and is working on developing securing funding to advance own projects.