Fortescue Metals appoints Dino Otranto as chief executive, releases FY23 results

Dino Otranto has been appointed as chief executive of Fortescue Metals (ASX:FMG), replacing Fiona Hick who lasted just under six months in the role.

With over 20 years of experience in the global energy and resources industry, Mr Otranto joined Fortescue in 2021 as chief operating officer iron ore.

Prior to joining Fortescue, he was chief operating officer at Vale Base Metals, leading the company’s North American, European and Asian nickel and copper businesses.

Mr Otranto commented on his appointment.

“I am really looking forward to continuing to work with our amazing Fortescue team to strengthen our powerhouse iron ore business further while racing to reach real zero by 2030 across our operations,” he said.

“Climate change is accelerating and we need to act faster that we ever thought to give our children a better future.”

Ms Hick made a joint decision with Fortescue’s board to leave the company on ‘friendly and mutual’ terms and will pursue other opportunities.

Further, Dr Larry Marshall has been appointed non-executive director of Fortescue to guide the company’s overall technology pathway, particularly in energy, metals, strategy and investments.

Fortescue has also released its FY23 results, with the company delivering record iron ore shipments of 192mt.

Revenue of US$16.9b (A$26.2b) was down 3% from FY22 as the increase in iron ore sales was more than offset by the 5% decrease in average revenue.

Underlying earnings before interest, tax, depreciation and amortisation was down 6% to US$10b (A$15b), while underlying net profit after tax was 11% lower than FY22 to US$5.5b (A$8.56b).

Fortescue also celebrated significant milestones during the financial year, with first production achieved at the Iron Bridge magnetite project and first ore mined from the Belinga iron ore project in Gabon.