Fortescue Ltd (ASX: FMG) shares are marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) iron ore giant closed on Friday trading for $21.50. During the Monday lunch hour, shares are changing hands for $21.84 apiece, up 1.6%.
For some context, the ASX 200 is up 0.5% at this same time.
That's today's price action for you.
Now here's what's happening with the Fortescue board.
Image source: Getty Images
Fortescue shares farewell executive director
This morning the ASX 200 miner announced that Elizabeth Gaines will step down from her role as executive director on 30 June.
If you own Fortescue shares, you're probably familiar with Gaines.
The miner noted that she has made "an extraordinary contribution" to the company for more than 13 years.
Indeed, Gaines joined the Fortescue board in 2013, then served as chief financial officer before taking over as CEO and managing director from February 2018 to August 2022.
She was also credited with helping drive Fortescue's transition to green energy, serving as an ambassador for Fortescue's 2030 Real Zero target to decarbonise its mining operations.
Commenting on Gaines' pending departure and lengthy history of helping support Fortescue shares, executive chairman and founder Andrew Forrest said, "Elizabeth has been one of the highly impactful leaders that built Fortescue's strong and proud history, serving this company with distinction."
Forrest added:
She has helped drive the inexorable march of Fortescue, proving what others say is impossible, delivering for shareholders while helping set the course for our next great chapter: leading the world in decarbonising technology, energy and heavy industry.
"I believe strongly in Fortescue's vision and its ability to deliver on it," Gaines said.
According to Gaines:
Fortescue is an exceptional company, with exceptional people driven by ambition, purpose and values. I look forward to watching Fortescue continue to lead from the front and deliver for shareholders, communities and future generations.
What else did the ASX 200 miner announce?
In other top executive news, Fortescue reported that former Dutch minister of finance, Sigrid Kaag, has been appointed to the board as a non-executive director, subject to completion of regulatory procedures.
Fortescue highlighted Kaag's "significant expertise" in European decision-making, risk and crisis management, and sustainable finance.
"Sigrid is an outstanding global leader with deep diplomatic expertise and a strong understanding of the Middle East, North Africa and European energy markets," Forrest said.
With today's intraday gains factored in, Fortescue shares are up 40.5% in a year, racing ahead of the 4% 12-month gains posted by the ASX 200.
