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Fortescue Metals Group Ltd. - Changes to Board of Directors(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 22 August 2014 Release date- 21082014 - Over the last few years the Fortescue Metals Group Ltd (ASX: FMG) Board has been going through a period of renewal which saw the addition of three new directors in 2013, Mr Peter Meurs, Ms Elizabeth Gaines and Ms Sharon Warburton, and the retirement of Mr Geoff Brayshaw. Fortescue now advises a number of further changes as part of that ongoing process. Deputy Chairman Mr Herb Elliott, Mr Graeme Rowley and Mr Herbert (Bud) Scruggs will retire as Directors at the company's 2014 Annual General Meeting in November. The board would like to acknowledge the outstanding contribution, support and leadership of all three directors as Fortescue executed its strategy of becoming a world leader in the iron ore industry. Fortescue Chairman Andrew Forrest said Mr Elliott and Mr Rowley were true Fortescue pioneers, joining the company in 2003 and overseeing its rapid growth from a grass roots explorer into the world's fourth largest producer of iron ore. Mr Rowley was one of Fortescue's founders, joining the board as an Executive Director in May 2003. Following his retirement from executive duties, Mr Rowley became a Non-Executive Director in March 2010. 'Graeme's extensive experience in the iron ore industry, and his unfailing belief in Fortescue's ability to become a successful, alternative supplier of iron ore, has been invaluable,' Mr Forrest said. 'He exemplifies Fortescue's determination to 'never ever give up' as we challenged an industry dominated by three global producers to become a respected, sought-after producer of iron ore by steel mills across Asia.' Mr Elliott was appointed a Non-Executive Director of Fortescue in October 2003, became Deputy Chairman in May 2005 and Chairman in March 2007. After retiring as Chairman in August 2011, Mr Elliott became Deputy Chairman and Lead Independent Director. Mr Forrest expressed his gratitude to Mr Elliott for his faith in Fortescue, his unwavering support and guidance during an 11-year journey that led to the creation of a proud, major Australian company. 'We will be forever in debt to Herb's counsel, support and staunch belief in our vision to become the New Force in Iron Ore. He has been a tireless member of the Board and his contribution to Fortescue's success is immeasurable.' Mr Scruggs was appointed a Non-Executive Director in August 2011 and became a valuable addition to the Board with his extensive experience in industry, government and charitable organisations. Mr Scruggs is a Managing Director of The Cynosure Group, a Utah based investment platform, and previously served as President of Leucadia Asset Management. He was instrumental in Leucadia National Corporation's original decision to invest in Fortescue in 2006. 'Mr Scruggs' advice and guidance over the past three years has been particularly significant as we delivered our ambitious, US$9.2 billion expansion to triple our production capacity to 155 million tonnes per annum,' Mr Forrest said. The retirement of Mr Elliott, Mr Rowley and Mr Scruggs at the November AGM will leave the Fortescue Board with nine Directors, comprising seven Non-Executive Directors and two Executive Directors. Media Contact: Yvonne Ball Fortescue Metals Group Ltd Tel: 0417 937 904 Email: [email protected] (c) 2014 Electronic News Publishing - |