Billionaire Andrew ‘Twiggy’ Forrest and his ex-wife Nicola have resigned as co-chairs of the charity they founded more than 20 years ago, saying it was the “right time” for change.
The Minderoo Foundation announced the leadership shake-up in a statement on Thursday, just months after its 300-person workforce was cut by a third to reduce administrative costs.
The Forrests were Australia’s richest couple before announcing their shock separation in July 2023 after 31 years of marriage.
Western Australians founded the Minderoo Foundation in 2001, which aims to improve communities, support gender equality, protect natural ecosystems and respond to emerging threats and challenges around the world.
The philanthropic organization has also provided humanitarian aid in Gaza and Ukraine and runs programs in nearly 40 countries.
The Forrests donated $5 billion in Fortescue stock to the foundation last year.
Prominent lawyer and former University of Melbourne chancellor Allan Myers KC has been announced as the new independent chair.
The Forrests will continue to participate in the foundation as non-executive directors.
Andrew ‘Twiggy’ Forrest and his ex-wife Nicola (pictured in 2013) have resigned as co-chairs of the Minderoo Foundation.
“We couldn’t be prouder of what has been achieved over the last 23 years, and with Minderoo’s 2030 Strategy now finalized and implemented, the time is right for a change on the board,” read a joint statement.
“Under Allan’s leadership as independent chair, we know Minderoo will continue to deliver on its mission to forge a fair future by challenging inequalities and campaigning for meaningful change.”
Forrest will focus his attention on Fortescue’s iron ore empire and its goal of achieving zero emissions by 2030.
“I have an unwavering passion to steer the world away from a potentially catastrophic future, and I will continue to guide Minderoo, Tattarang and Fortescue in one direction: ensuring we leave our planet habitable for future generations,” he said.
‘Fortescue’s work to wholeheartedly pursue Real Zero by 2030, both profitably and globally, will maintain its pre-eminent position as the world’s lowest-cost iron ore producer and Australia’s most successful company.
‘Scientists and companies around the world have endorsed the reality that Real Zero 2040 (the cessation of the use of all fossil fuels by 2040) is the only way to avoid a climate emergency.
Ms Forrest added: “Guided by its new strategy, Minderoo and its partners are in an even stronger position to confront these challenges together, and stepping aside is a call of confidence in our future trajectory and the impact we will achieve.”
Nicola and Andrew Forrest (pictured) split in 2023 after 31 years of marriage
Myers pledged to continue the founders’ unprecedented generosity, vision and optimism embodied in the foundation.
“I will do everything I can as president to help realize your aspirations for the lasting benefit of Australia and the world as a whole,” he said.
The Forrests, who have an estimated combined wealth of $37 billion according to Australia’s 250 richest list as of 2024, announced their separation in July 2023 after months of speculation that they were no longer together.
“After 31 years of marriage, we have made the decision to live separately,” they said in a joint statement.
“Our friendship and commitment to our family remains strong.”
The Forrests, who met at a housewarming party in 1988, largely made their fortune through a 36 percent stake in iron ore miner Fortescue Metals Group, which they founded in 2003.
They also jointly oversee its private investment arm, Tattarang Capital.
Andrew ‘Twiggy’ Forrest to focus on Fortescue iron ore empire
At the time of the split, the Forrests stated that there would be no changes to the way their business and charity empire operated.
“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang,” a company spokeswoman assured investors.
The Forrests have three adult children: Grace, Sophia and Sydney, and have not suggested they have plans to divorce.