Iron ore miner Fortescue Metals has named its finance head Elizabeth Gaines as the new chief executive, after a months-long global search to replace the retiring Nev Power.
The company on Thursday also announced further changes to its management team, vowed to raise the grades of its iron ore production and suggested it would likely diversify into other products.
Fortescue picked Ms Gaines - a former chief executive of travel group Helloworld - as CEO, less than a year after appointing her to the chief financial officer role.
She has been on Fortescue's board since 2013, and will take up her role as the first female CEO at a major Australian miner in February, when Nev Power steps down after more than seven years in charge of the world's fourth biggest iron ore exporter.
Chairman and biggest shareholder Andrew "Twiggy" Forrest also announced the formation of a new core leadership team that would include new deputy chief executive and chief operating officer positions.
Current operations director Greg Lilleyman, who was the other internal candidate favoured to take over from Mr Power, has been appointed as the new chief operating officer.
Julie Shuttleworth, currently in charge of the Solomon operations in the Pilbara, will take over as Deputy CEO, while corporate finance group manager Ian Wells has been promoted to the chief financial officer role.
Fortescue was rapidly evolving to set itself up for dynamic future growth, Mr Forrest said.
"Be it for iron ore, or any other products required for such a rapidly changing global market place, Fortescue's growth is being planned to meet it," he said.
The iron ore miner, which has aligned its cost structure with larger rivals BHP, Rio Tinto and Brazil's Vale and also paid down most of its debt, has been looking to diversify its business by investing in energy infrastructure and exploring for gold and base metals.
Mr Forrest called on his directors to help drive product diversification and asset development, and encouraged the new CEO to maintain competitiveness in all current and future production lines, in a further indication of the company's expansion plans.
He also announced a change in Fortescue's marketing focus, saying it will now target raising grades of the majority of its iron ore above the 60 per cent FE content.
Discounts between the top grade iron ore and Fortescue's lower grades have widened in recent months, as Chinese steel mills look to reduce their cost base by using higher grade iron ore.
As a result, the company in October lowered its full-year guidance on the price it expects to realise from its iron ore sales.
At 1406 AEDT, Fortescue shares were down 1.5 per cent at $4.55 in a weak Australian market.
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