CHIEF FINANCIAL OFFICERS – AUSTRALIA – APPOINTMENTS AND RETIREMENTS

Fortescue’s finance boss wants time with family

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Jan-23

Fortescue Metals Group’s outgoing chief financial officer Ian Wells says that having the opportunity to contribute to the iron ore miner has been a privilege. He will leave Fortescue on 31 January after nearly 13 years at the company, including five years as CFO. Wells says he is looking forward to spending some time with his family and friends. He adds that Fortescue is in a strong position to deliver on its short, medium and long-term growth options, including the Iron Bridge magnetite project and the Fortescue Future Industries subsidiary’s clean energy projects.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD

Fortescue top dogs continue their exodus

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Original article by Peter Ker
The Australian Financial Review – Page: 12 & 14 : 10-Jan-23

Fortescue Metals Group has advised that CFO Ian Wells will step down on 31 January in order to "pursue other opportunities". Adrian Prendergast of Morgans says the short notice period is unusual for Fortescue, given that it typically requires key executives to give six months’ written notice. Wells is the ninth senior executive to leave Fortescue in the last two years, and his departure follows the recent resignation of Guy Debelle as CFO of the Fortescue Future Industries clean energy subsidiary. George Boubouras of K2 Asset Management says further executive turnover at Fortescue is possible when Fiona Hick takes up the role of CEO at its mining division in February.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG,FORTESCUE FUTURE INDUSTRIES PTY LTD,MORGANS FINANCIAL LIMITED,K2 ASSET MANAGEMENT HOLDINGS LIMITED – ASX KAM

Debelle steps down as Fortescue CFO in latest reshuffle

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Original article by Brad Thompson
The Australian Financial Review – Page: 14 & 18 : 24-Nov-22

Fortescue Metals Group has appointed Felicity Gooding as the interim chief financial officer at its clean energy subsidiary, Fortescue Futures Industries. This follows Guy Debelle’s decision to step down as CFO; he took up the role in March following his retirement from the Reserve Bank of Australia, where he had been the deputy governor. Debelle is still recovering from injuries sustained in a bike accident in August, and says this means he cannot do justice to the role of CFO. He will instead join FFI’s board of directors.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, FORTESCUE FUTURE INDUSTRIES PTY LTD, RESERVE BANK OF AUSTRALIA

BHP taps CSL’s Lamont for Beaven role

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 18-Jun-20

BHP has advised that David Lamont will succeed Peter Beaven as chief financial officer in December. Lamont has been CFO of listed biotechnology group CSL since 2016, and he was previously the CFO of mining company MMG. Beaven will remain at BHP until early 2021 during a transition phase. Macquarie Group notes that BHP generally appoints internal candidates to senior executive roles. Macquarie has retained its ‘outperform’ rating on BHP.

CORPORATES
BHP GROUP LIMITED – ASX BHP, CSL LIMITED – ASX CSL, MMG LIMITED, MACQUARIE GROUP LIMITED – ASX MQG

Westpac gives itself 12 months to replace CFO

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Original article by Tim Boyd
The Australian Financial Review – Page: 20 : 13-Sep-19

Westpac announced on 12 September that chief financial officer Peter King will retire in 2020, with King having joined Westpac from Deloitte in 1994. King became deputy CFO in 2011 and CFO in 2014, replacing Phil Coffey. King says that Westpac has transformed itself in the time that he has been there, while UBS banking analyst Jonathan Mott said that whomever Westpac chooses to replace King "will have some big boots to fill". Westpac CEO Brian Hartzer thanked King for his significant contribution to the company.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, DELOITTE TOUCHE TOHMATSU LIMITED

Program interruption: Nine caught on back foot as CFO Barnes exits

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Original article by Zoe Samios
The Australian – Page: 19 : 15-Aug-19

Nine Entertainment has confirmed speculation that CFO Greg Barnes is to leave the company, with Nine stating Barnes will finish with it after the release of its full year results on 22 August. Nine’s integration with Fairfax following their $4 billion merger is currently in progress, and it is considered unusual for a CFO to be leaving at such a time. Barnes had been CFO at CSR before joining Nine, while recruiting firm Spencer Stuart has been hired to find his replacement.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, CSR LIMITED – ASX CSR, SPENCER STUART AND ASSOCIATES

Dane to replace Lynch at Rio Tinto

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Original article by Matt Chambers
The Australian – Page: 24 : 13-Jun-18

Rio Tinto has advised that CFO Chris Lynch will step down in September, after four years in the role. He will be succeeded by Jakob Stausholm, who has previously held executive roles at companies such as Shell and AP Moller-Maersk. Stausholm was also Shell’s representative on Woodside Petroleum’s board for several years. Rio Tinto CEO Jean-Sebastien Jacques has praised the contribution of Lynch, who had flagged his intention to retire in September 2017.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ROYAL DUTCH SHELL PLC, AP MOLLER-MAERSK AS, WOODSIDE PETROLEUM LIMITED – ASX WPL, ISS A/S, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

CommBank finance boss Jesudason jumps ship

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Original article by James Eyers, Jonathan Shapiro, Will Willitts
The Australian Financial Review – Page: 11 & 14 : 15-May-18

The Commonwealth Bank of Australia has named Alan Docherty as its acting CFO following the sudden resignation of Rob Jesudason after less than a year in the role. Docherty is currently the CFO of the institutional banking and markets division, and he joined CBA in 2003. Jesudason’s departure for a role in Hong Kong is the latest setback for CEO Matt Comyn, with six key executives resigning since he succeeded Ian Narev. Jesudason has expressed interest in becoming CEO, but sources have indicated that he was not in contention.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BLOCK.ONE, CREDIT SUISSE AG, JP MORGAN AND COMPANY INCORPORATED, BARCLAYS BANK PLC, GE CAPITAL CORPORATION, McKINSEY AND COMPANY

Broken Hill boy leaves Rio in good shape

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Original article by Matt Chambers
The Australian – Page: 17 & 20 : 27-Sep-17

The impending retirement of Rio Tinto’s CFO Chris Lynch will leave Alf Barrios as the only member of the executive committee who was appointed before Jean-Sebastien ­Jacques became CEO in mid-2016. Rio Tinto recently advised that Lynch will step down in the next 12 months, and Lynch himself stresses that it was a personal decision to do so. Lynch, who was appointed CFO in 2013, says Rio Tinto is in "great shape", with a healthy balance sheet and cost structure. Its annual costs have been slashed by $US8.2bn since 2013.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, TRANSURBAN GROUP LIMITED – ASX TCL, ALUMINIUM CORPORATION OF CHINA LIMITED

Kelly set for early departure from Nine

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Original article by Jake Mitchell
The Australian – Page: 21 : 25-Feb-16

Australian-listed media group Nine Entertainment Company has advised that CFO and COO Simon Kelly will step down at the end of February 2016. He was originally slated to depart at the end of May. Nine will release its 2015-16 interim financial results on 25 February, and may update shareholders on its streaming dispute with regional affiliate WIN Corporation. Nine is also tipped to extend its share buyback.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, WIN CORPORATION PTY LTD, TICKETEK, NATIONAL RUGBY LEAGUE