Behind Fortescue’s executive revolving door

Relatively speaking, it is still a maturing start-up, founded 20 years ago by a passionate entrepreneur who achieved the unthinkable by breaking into the iron ore duopoly controlled by BHP and Rio Tinto.

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But regardless of how many talented people it employs and the titles bestowed on them, Fortescue is ultimately governed by Forrest.

Over the past 10 years as a successful iron ore miner, it had become financially strong and predictable.

But the birth of its renewables division, now funded from the proceeds of iron ore, has created a company with two personalities.

Crunching two cultures together is a tough call – even for someone with Forrest’s salesman skills.

As the most senior executive at Fortescue and its chairman, Forrest has to manage both sides.

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To say Forrest’s life is chaotic is a wild understatement. Selling the dangers of climate-led catastrophe and convincing investors of the positive economics of green hydrogen is a full-time job for Forrest who jets around the world selling his message during whistle-stop tours and photo-ops with the globe’s most powerful people.

Doing all this while running a $60 billion iron ore company with more than 10,000 employees stretches anyone’s attention levels.

It is almost a year since former Fortescue chief executive Elizabeth Gaines announced she was stepping down from the role.

But after an extensive recruitment process, there is still no sign of a replacement, and based on Forrest’s comments at Fortescue’s shareholder meeting this week, he is in no hurry to hand over the executive reins to someone else.

As for the Forrest-curated Fortescue board, the departure of Debelle (regardless of whether it was health issues that led to the decision) should serve as a reminder that they are there for all shareholders.

In Forrest, Fortescue has plenty of leadership – but it must also be organised.

Roles and responsibilities need clear definition and detail is important.

Forrest has proven himself an adept collector of talent. But he needs to find a way to retain it.

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