Andrew Forrest will retire as CEO of Fortescue Metals Group Ltd's and take over as its chairman and Nev Power will take the helm at the mining firm.

Mr. Elliott said Mr. Power's has broad hands on experience in the mining and construction at Thiess Pty Ltd. He also has an extensive experience as senior executive with Smorgon Steel and particularly in the mining industry that made him worthy to Fortescue's CEO.

Herb Elliot, the current chairman will step down and become Deputy Non-Executive Chairman and the head of the independent directors group.

Mr. Forrest's chairmanship will take effect at the board's next meeting on August 18, Fortescue said in a statement to the ASX.

Meanwhile, Fortescue's shares achieved the highest in almost seven weeks after it increased by seven cents, or 1.07 percent, to $6.59 by 1024 AEST.

"Fortescue is now recognized for its ability to deliver on its targets and, with Nev's extensive experience and knowledge available to lead the Company, this is a perfect time for me to move away from my day-to-day, hands-on role," he said in a related interview quoted by the Sydney Morning Herald.