Ian Wells, who resigned from Fortescue Metals Group on Monday, has shed light on why he has departed the iron ore miner.
The outgoing chief financial officer (CFO) has said that he is keen to “spend with family and friends” and that Fortescue remains in a strong position to deliver on its decarbonisation strategy.
“The next phase of Fortescue’s growth will be extraordinary and I am so proud to have been a small part of bringing it to where it is today, along with the rest of our 20,000-strong team,” Wells said in comments provided by the company.
“Fortescue is in a strong position to be able to deliver on short-, medium- and long-term growth options through the Iron Bridge magnetite project, Fortescue’s decarbonisation, and FFI’s (Fortescue Future Industries) portfolio of opportunities.”
In a statement announcing the exit, Fortescue said Wells had resigned to pursue other opportunities.
Wells’ resignation came two months after the departure of another of Fortescue’s senior financial executives, Guy Debelle.
It is also the latest in a string of senior resignations at Fortescue – nine executives in two years – a situation the financial community has reportedly described as “challenging” and “not ideal”.
Wells will finish his time at Fortescue on January 31, a relatively short notice period of three weeks.
“The optics of the short notice and timing of Ian’s departure are challenging, particularly given FMG has stated that Ian has resigned to pursue new opportunities,” Morgans analyst Adrian Prendergast said.
The timing of the departure means Wells will not be available to participate in Fortescue’s half-year financial results in February.
“Having the opportunity to contribute to Fortescue has been a privilege,” Wells said.
“Being part of an executive team that continues to deliver consistent and predictable performance, irrespective of the market cycles and global volatility, takes leadership, courage and commitment.
“Fortescue has a track record of delivery and that is achieved by focusing on the things that we can control, and I am proud of that track record. We have built together a very strong balance sheet and a highly capable finance team.”