Elizabeth Gaines is set to leave Fortescue on June 30, ending a 13-year association with the Andrew Forrest-founded company that saw her rise from Non-Executive Director to Chief Executive and, most recently, Global Green Energy Ambassador.
Gaines joined Fortescue’s board as a non-executive director in 2013, later serving as Chief Financial Officer from 2017 before leading the company as Chief Executive and Managing Director from 2018 to 2022.
During her tenure as CEO, Fortescue transformed from a pure-play iron ore producer into a company with significant ambitions in renewable and clean energy.
Gaines departed the Chief Executive role in August 2022, remaining with the company as an Executive Director and as Fortescue’s Global Green Hydrogen Ambassador.
Her June 30 departure ends both of those roles simultaneously, drawing a definitive close to one of the most prominent careers in Australian resources.
The company credited Gaines as a driving force behind its global transition to green energy and a key ambassador for Fortescue’s Real Zero 2030 target to decarbonise its mining operations.
Coinciding with the announcement of Gaines’ exit, Fortescue confirmed a new addition to its board.
The company appointed Sigrid Kaag as a new Non-Executive Director, with Kaag bringing more than 35 years of international affairs, trade and finance experience across national and international leadership roles.
The Dutch diplomat and politician has previously served as the Netherlands’ Deputy Prime Minister and Minister of Finance (the first woman to hold that post) as well as Minister of Foreign Affairs.
The departure of Gaines adds to a long line of senior figures to exit Fortescue in recent years.
Analysts at the Australian Financial Review have previously raised questions about the departure rate of senior executives from Fortescue, which some observers have attributed to the management style of Founder Andrew Forrest.
Earlier high-profile exits included former Reserve Bank of Australia Deputy Governor Guy Debelle, who departed hydrogen-focused subsidiary Fortescue Future Industries, and Chief Operating Officer Greg Lilleyman.
In January 2025, Gaines became Chair of the West Coast Eagles, a role she is expected to continue following her Fortescue departure.
