Fortescue Metals CEO Nev Power to End Term in Feb 2018

Fortescue Metals Group Ltd. (FMG.AU) said Friday its chief executive, Nev Power, would complete his term on Feb. 16, 2018.

"This is consistent with our long term succession plan," Fortescue chairman Andrew Forrest said in a statement. He added that the company was confident in the quality of internal and external candidates for the position. Mr. Power has been CEO for nearly seven years.

The Australian company, the world's fourth-largest exporter of iron ore, last month said it will pay out a sharply higher final dividend after its annual profit more than doubled, taking advantage of strong prices for the steel-making commodity.

-Write to Rachel Pannett at

(END) Dow Jones Newswires

September 14, 2017 22:07 ET (02:07 GMT)