Andrew Forrest to return to top job as part of Fortescue shake-up

Billionaire Andrew Forrest will once again don the high-vis vest and run Fortescue Metals Group’s iron ore operations as part of a restructure that will see its nascent green energy business, Fortescue Futures Industry, gain equal ranking with its multi-billion dollar iron ore operation with direct representation at board level.

FFI’s executive team will also be bolstered with the appointment of the former head of GE Europe, Mark Hutchinson, to head FFI. Former AGL boss Andy Vesey, will be appointed as FFI’s head of energy transition projects. Forrest will act as the interim boss of the iron ore business when Elizabeth Gaines steps down as Fortescue CEO in August.

“Today is a further progression of Fortescue’s transition to a global, green renewable and resources company,” Forrest said.

“This growth and value to shareholders is already evident with our shareholder base doubling since FFI was launched, with our investors ranging from top tier institutional banks to grassroots investors, all wanting to be a part of this mission, as we continue to strongly outperform our peers in the iron ore sector.”

Gaines will retain a board role and act as FFI’s ambassador.

Hutchinson’s roles at US conglomerate GE included five years leading GE in China, before running its European operations and its 100,000 employees.

His new direct report, Vesey, is one of the most significant appointments. He stood down as AGL’s boss in 2018 after clashing with the Coalition government over his plans to wean AGL off coal and move towards a clean energy future.

Tech billionaire Mike Cannon-Brookes is currently attempting to derail AGL’s attempt to split the coal business from the rest of its operations and accelerate its move to green energy.