Fortescue Metals Group has announced that former Reserve Bank (RBA) deputy governor Guy Debelle will step down as the CFO of Fortescue Future Industries (FFI).
After exiting the RBA in March and taking up the role at FFI in June, Dr Debelle was said to have been involved in a “serious bicycle incident” sometime in August.
According to a statement from Fortescue on Wednesday, he has been recovering in the time since the incident while managing the demanding duties associated with his role.
However, Dr Debelle has now made the “difficult decision” to step back and focus on his health.
“I am sadly not in a position to give this role everything I know it deserves right now. It is a critical time for the green energy transition, and we cannot slow down,” he said.
Dr Debelle will move to a new role on the board of FFI Australia, focusing on policy, regulatory and financial advisory including the development of the Australian green energy market.
“Guy is an outstanding human being who also happens to be one of the brightest economic minds in this country. He is passionate about climate change action and deeply committed to making a difference,” said Fortescue founder and executive chairman Andrew Forrest.
“Guy’s recovery has been tough and is still ongoing. He has decided, with my full support and with the support of the Fortescue Family, to stand down from this role and transition to a role on the FFI Board so he can fully focus on his recovery.”
Mr Forrest added that Dr Debelle had already made an “enormous contribution” to FFI during his brief time with the Fortescue subsidiary and said that the company was fortunate to keep him on as it transitions to a global green energy, technology and resources company.
“I have felt deeply supported by Andrew and Mark. I greatly admire this Company and what FFI and Fortescue are doing and achieving,” said Dr Debelle.
In light of this development, Felicity Gooding has been appointed acting CFO of FFI.
Ms Gooding joined FFI earlier this year in the role of global head of commercial and has worked as CFO, COO and deputy CEO of the Forrest Family’s Minderoo Group.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.