Former Fortescue Metals Group chief executive Elizabeth Gaines has pocketed millions of dollars after selling down a significant portion of her holdings in the mining giant.
The sell-down, which took place on Wednesday, saw Gaines offload a substantial number of shares in the Andrew Forrest-led company, according to a filing with the Australian Securities Exchange.
Multi-million dollar windfall
Gaines, who stepped down as CEO in 2022 but remains a key figure in the company's leadership transition, cashed in on the strong performance of Fortescue's stock, which has rallied in recent months on the back of robust iron ore prices and strong demand from China.
The exact number of shares sold and the total value of the transaction were not immediately disclosed, but sources close to the matter confirmed the sale was worth several million dollars.
Continued ties to Fortescue
Despite the sell-down, Gaines remains a significant shareholder in Fortescue and continues to serve as a non-executive director on the board. Her departure from the CEO role was part of a planned succession, with Fiona Hick taking over the top job.
Gaines' tenure as CEO was marked by record profits and a major push into green energy and decarbonisation, including the development of the Fortescue Future Industries arm.
The share sale is not expected to impact Gaines' ongoing role or her commitment to the company's long-term strategy.
Market reaction
Fortescue shares closed slightly lower on Wednesday but remain near recent highs. Analysts say the sell-down is a routine portfolio adjustment by a former executive and does not signal any underlying issues with the company.
Fortescue declined to comment on the transaction.
