Andrew Forrest loses boss of his private empires

Andrew Forrest’s $2.6 billion philanthropy arm Minderoo is looking for a new boss after the departure of former NAB executive Andrew Hagger who also stepped down as chief executive of Forrest’s investment company Tattarang.

Tattarang and Minderoo chief investment officer John Hartman has been appointed permanent chief executive of Tattarang and acting chief executive of Minderoo.

The surprise departure of Hagger, who had led both organisations since early 2019, was announced late on Monday.

Tattarang’s diverse investments include Squadron Energy which is developing a gas import terminal at Port Kembla, Harvest Road that has six cattle stations and an abattoir in WA, an acquirer of global mining interests Wyloo Metals, R.M. Williams boots, a slice of Bega Cheese and more than a whiff of medicinal cannabis company Little Green Pharma.

The Minderoo Foundation had net assets of $2.6 billion in June 2021 – according to a filing with the Australian Charities and Not-for-profits Commission – with initiatives spanning the marine environment, medical research, fire and food resilience, early childhood development and stopping slavery.

Forrest added $500 million to its bank that year powered by the dividends he receives from his 37 per cent stake in $51 billion iron ore miner Fortescue Metals Group.

Forrest is worth $31 billion, according to the Australian Financial Review 2022 Rich List, second only to fellow WA iron ore entrepreneur Gina Rinehart.

The billionaire praised Hagger’s leadership of his two organisations.

“I have enjoyed such a close, trusting relationship with Andrew for the past four years, and that will continue,” Forrest said.