Fortescue Metals Group has confirmed its group chief financial officer Ian Wells has resigned from his seat effective 31 January.

Wells initially joined Fortescue in 2010, and during his tenure held multiple senior executive roles. He had been CFO since 2018.

Fortescue executive chairman Andrew Forrest said Wells has made a “huge contribution” to the company during its “formative years” and played a key role on the executive team that led the miner through global volatility including the impacts of COVID-19 and a number of iron ore market changes.

“I recall fondly back in 2010, when Ian joined our team. The finance team at the time were charged with refinancing our original project finance bonds and the successful refinancing in 2010 enabled the company to make investments to expand capacity to 155 mtpa,” Forrest remembered. “Since then, we have seen the company’s balance sheet and capital allocation change from debt repayment to reinvestment and delivering market leading shareholder returns.

“We now have a strong balance sheet and a renewed focus on growth.”

Wells, who is leaving to pursue other opportunities, will remain in his seat until his effective resignation date.

Source: Fortescue Metals Group