Trifecta exit: Fortescue shares tumble as more executives walk away

The Fortescue share price is down more than 5% on Friday morning.

| More on:
An older woman with grey hair and wearing glasses looks at her laptop screen with her hand outstretched to demonstrate that she doesn't understand what she is reading

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Fortescue Metals Group Ltd (ASX: FMG) shares are taking a tumble on Friday.

The S&P/ASX 200 Index (ASX: XJO) mining stock closed yesterday trading for $21.43 a share. In morning trade today, Fortescue shares are swapping hands for $20.28 apiece, down 5.4%.

Created with Highcharts 11.4.3Fortescue PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

That's a far steeper fall than the 0.42% loss posted by the ASX 200 at this same time. And it's more than 10 times the 0.48% decline on the S&P/ASX 200 Resource Index (ASX: XJR).

ASX 200 investors may be bidding down Fortescue shares following the announcement of yet another top executive resignation.

What's happening with the top brass at the ASX 200 miner?

It's looking more and more like a revolving door at the executive level of the big miner.

In what could be the reason for the big selldown in Fortescue shares today, former Reserve Bank of Australia (RBA) deputy governor Guy Debelle has resigned as non-executive director of Fortescue Future Industries (FFI).

Debelle has left his position at FFI, Fortescue's green energy branch, to join the board of emerging vanadium miner Tivan Ltd (ASX: TVN) as non-executive director.

The Tivan share price is up 19% at time of writing on the news.

Commenting on his move, Debelle said, "I am excited to join Tivan who are focused on realising the great opportunity Australia has in the green transition, particularly in the critical minerals space."

Debelle's departure marks the third high-level exit from the ASX 200 miner in just a week.

After market close yesterday, potentially impacting Fortescue shares today, the company announced the departure of Fortescue Metals chief financial officer Christine Morris. Morris had been CFO for two months.

Management advises that Fortescue's group manager finance and tax Apple Paget has been appointed acting CFO.

And last week, investors learned that Fiona Hick had quit her position as Fortescue Metals CEO, after only taking up the reins in February.

Fortescue has since announced the appointment of Dino Otranto as CEO.

Otranto joined Fortescue in 2021 as chief operating officer iron ore.

Commenting on Hick's resignation, Fortescue founder Andrew Forrest said, "We thank Fiona for her valuable efforts since joining Fortescue just under six months ago and wish her all the best with her future pursuits."

And Forrest welcomed Otranto aboard:

We welcome Dino to the role of chief executive officer where he will continue to lead and grow the metals business, deliver our major project in Gabon and execute our decarbonisation plan.

Hick looked to be leaving the position amicably.

She said, "It's been wonderful to work with the dedicated people at Fortescue. I am thankful for the opportunity and wish Fortescue well in its mission to decarbonise."

How have Fortescue shares been tracking longer-term?

Despite today's big retrace, Fortescue shares remain up 15% over the past 12 months.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

Does Macquarie rate Fortescue shares a buy, hold or sell?

Down 42% in a year, does Macquarie think Fortescue shares are now a good buy?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Rock solid: How have mining and metals shares fared in 2025?

Who is leading so far?

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price slides despite significant reserves growth

An 89% resources upgrade hasn’t boosted Mineral Resources shares today.

Read more »

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »

2 people at mining site, bhp share price, mining shares
Resources Shares

Rio Tinto share price pushes higher on $1.4 billion lithium agreement

Rio Tinto shares are gaining major lithium exposure.

Read more »

Miner looking at a tablet.
Resources Shares

Up 73% since April, why Mineral Resources shares could keep charging higher

A leading expert says that Mineral Resources shares remain ‘heavily undervalued’. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »

Miner looking at a tablet.
Resources Shares

What's the latest broker ratings on BHP shares?

There's an air of caution floating about BHP shares even with bullish ratings.

Read more »