Fortescue Metal’s Mr. Nev Power Resigns

Fortescue Metals Group Limited has announced the details of the key terms of the employment contract for Ms Elizabeth Gaines as incoming Chief Executive Officer, effective 19 February, 2018

Fortescue Chairman, Mr Andrew Forrest AO said the Board recognised the need for executive salaries to be closely linked to company performance.

“Fortescue’s Board is committed to a remuneration structure which drives superior performance against our stretch targets to deliver shareholder value and encourages decision-making focussed on the longer term. Recognising the market expectation that salary levels for incoming CEOs are typically lower at the start of their term, we believe that the base salary and incentive arrangements for our new CEO will ensure the strongest alignment for delivery of the best outcomes for our shareholders,” Mr Forrest said.

Mr Nev Power, outgoing CEO, has resigned from the Board of Directors, effective 19 February, 2018. Mr Power will receive termination benefits pursuant to the terms of his employment contract and the company’s incentive plans.


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