Former Reserve Bank deputy Guy Debelle has reportedly resigned from the board of Fortescue Future Industries, continuing the run of executive departures.
According to Reuters, Debelle stepped down as a non-executive director from the board of Fortescue Future Industries (FFI), the green energy arm of Fortescue Metals Group.
This is the third senior executive departure from Fortescue in a week, with FMG CEO Fiona Hick tendering her resignation on August 28 after just six months in the role. On Thursday, finance chief Christine Morris stepped down after taking on the job three months ago.
Related article: Fortescue CEO Fiona Hick resigns after six months in role
Ian Wells, Fortescue’s former chief financial officer, left in January, and acting chief financial officer of the energy division, Felicity Gooding, stepped down last month.
Overseen by founder Andrew Forrest as executive chairman, Fortescue has struggled to keep senior management as it transitions to a renewables business with a global footprint.
“Shareholders are going to be concerned about what and why all these people are leaving, and we’re not really getting the answers,” Argonaut director of equity sales Damian Rooney told Reuters.
“It’s all good to wave your arms around and talk about going green, but at the end of the day, you still need to look after your shareholders who are investing money for growth, dividends and alike,” Rooney said.
Related article: Fortescue acquires 100% stake in Phoenix Hydrogen Hub
Executive chairman Andrew Forrest told media that Hick stepped aside following differences of opinion over the firm’s green transition.
“What we have now is a literally galloping herd of people who want to see this company go green,” The Australian reported.
“So if you want to step outside that, you’re given a choice. You’re not fired, there’s no disagreement, you’re just given a choice: step back in, or you call it,” Forrest said.
