Peter White, one of the company’s largest investors last year, has sold most of his stake. He thinks the chairman should step down. Others say he deserves respect.
Fortescue Metals investors are split over whether the Andrew Forrest is damaging its culture, with a former major shareholder selling down his stake over fears the company’s chairman might “wreck” the iron ore major.
Some of Fortescue’s bigger investors are concerned about the rate of executive departures at the Andrew Forrest-chaired group.Those exits added to the extreme churn that has almost entirely cleaned out Fortescue’s executive ranks over the past three years. But another wealthy investor, John Tumazos, said Fortescue had “formidable” employees and the company’s “core is very strong”.
“Over the past decade I have consistently recommended and owned [Fortescue] shares,” Mr Tumazos said, adding that he was not deterred by the exit of Ms Hicks – who had been in the top job for six months, and Ms Morris, who was chief financial officer for less than two months. That was a reference to the way Fortescue’s traditional iron ore business is attached to the manufacturing of electrolysers, batteries and low carbon commodities like green ammonia and green hydrogen through the Fortescue Future Industries business.
“Three departures in a week is quite significant,” she said. “The retail investors are concerned around the change of leadership and really would want to understand more, it is particularly around talent retention and making sure the performance can continue.”Asked whether Forrest should continue as chairman, Ms Waterhouse said; “The challenge here is he is founder, and he has had success, but there could be questions around the level of governance.
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