Fortescue has been rocked by a string of shock, high-profile departures. However, the former prime minister is not expected to join them.
With Fortescue’s main board the key forum for all corporate decision-making, Fortescue Futures Industries CEO Mark Hutchinson said the renewables business’s board had become redundant.
Hutchinson and Hick’s replacement as the head of the iron ore division, Dino Otranto, have just finished the first leg of Fortescue’s investment roadshow in Sydney and Melbourne., as well as changes that will see the mining and the energy businesses compete directly against each other for investment capital. Previously, any green investments were capped at 10 per cent of Fortescue’s earnings.
“The company moved fast, right?” Hutchinson said of the quick departures of Hicks and Morris. “It is what it is. It’s healthy for the organisation because we get on [with it].”
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