Fortescue to Lay Off About 700 Workers; Names Apple Paget as Group CFO

By Rhiannon Hoyle

Fortescue on Wednesday said it will make about 700 employees redundant as part of a restructuring aimed at removing duplication in its mining and energy arms.

The miner, which makes its profits digging up iron ore in northwest Australia, said "initiatives are being implemented to simplify its structure, remove duplication and deliver cost efficiencies."

Fortescue has in recent years sought to rapidly build a clean-energy business focused on green hydrogen.

"The company must continually evolve to ensure it remains lean, is best positioned to deliver on its strategy and generate the maximum value for shareholders," it said.

Fortescue said Apple Paget will become group chief financial officer after 11 months in the role of acting group CFO. It also named Chief Corporate Officer Shelley Robertson as chief operating officer.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

July 17, 2024 03:23 ET (07:23 GMT)

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