CEO Nev Power is leaving Fortescue

Andrew Forrest. Paul Kane/Getty Images

Fortescue Metals CEO Nev Power is standing down.

He will leave on February 16, seven years after starting at the pure play iron ore miner.

“Nev has executed his duties to the highest degree and met or exceeded the often unreasonable standards set by his board,” says company founder and chairman Andrew Forrest.

“We could not be more pleased with his stewardship and respect his decision that it is time for the next chapter of Fortescue to begin.

“This is consistent with our long term succession plan and we both share great confidence in the quality of internal and external candidates to continue Fortescue’s legacy.”

“Over our 15 years of stable leadership with only two CEO’s, a feature of our success has been the very strong, personal and professional relationship between Chairman and CEO, driving the unique culture of our company.”

The company, the world’s fourth largest iron ore miner, more than doubled net profit after tax to $US2.1 billion in 2017.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.