Australia's third-largest iron ore exporter Fortescue Metals Group (Fortescue) announced on June 1 that Andrew Forrest will retire as chief executive officer and will become the company chairman, effective as of July 18, 2011, which is the eighth anniversary of the company's establishment.
Andrew Forrest's successor as CEO will be Fortescue's current chief operating officer Nev Power and Fortescue's current chairman Herb Elliott becomes lead independent director in the role of deputy non-executive chairman. "Shareholders are fortunate Andrew has accepted the board's offer to become chairman and remain closely involved with the delivery of Fortescue's growth plans," Mr. Elliott stated.