Pearce adds new role to FMG duties

Stephen Pearce has been appointed to the board of Fortescue Metals Group, but will retain his current role as chief financial officer of the iron ore giant.

Mr Pearce has served as CFO of the business since 2010 – a role that netted him $2.5 million in the past financial year.

He will continue in that role while serving on Fortescue’s board as an executive director.

Chairman Andrew Forrest welcomed Mr Pearce to the board.

“Stephen has the energy, drive and passion that are intrinsic to Fortescue,” Mr Forrest said.

“Stephen’s understanding of international finance and his leadership have been fundamental to Fortescue’s growth and robust financial position.”

Prior to his tenure at Fortescue, Mr Pearce was managing director of local company Southern Cross Electrical Engineering, and was CFO of Alinta before that.

He currently also serves as chairman of the Lyons Eye Institute and is a non-executive director of Cedar Woods Properties.

“I am honoured to have been asked to join the board at an exciting time in Fortescue’s journey as we continue to increase our competitiveness and financial strength,” Mr Pearce said.

It follows news in April that Peter Meurs resigned from his board and executive positions at Fortescue to take on a role with the Church of Jesus Christ of Latter-Day Saints.

Fortescue shares were 3.1 per cent lower to $3.25 each at 11:45am.