Fiona Hick, CEO of Fortescue Metals, has stepped down from her position just six months after assuming the role. 

The abrupt departure marks the latest in a series of senior management exits from the iron ore giant.

Fiona Hick took the reins of Fortescue's iron ore division in November but officially began her role in February. However, on Monday, the company announced her departure. 

Following her exit, Dino Otranto, Fortescue's operations boss, will be promoted to Chief Executive of the mining division. This move aligns him with Mark Hutchinson, who oversees Fortescue's clean energy division.

Simultaneously, Fortescue revealed a significant setback related to its Iron Bridge magnetite project, incurring a $1.1 billion impairment. 

The project's total cost soared to $4 billion, well above the initial estimate of $2.6 billion in 2019. 

Additionally, it lagged behind schedule by approximately a year. This impairment led to a drop in Fortescue's underlying profit from $5.5 billion to $4.8 billion.

Hick becomes the 10th senior executive to depart Fortescue in the past three years, adding to a period of notable turbulence. This includes the earlier resignation of the Chief Financial Officer, Ian Wells, in January.

Despite the ongoing executive turnover, Dino Otranto says the company's performance remains strong, underlining the collective effort of its near 20,000 employees. 

The annual report published by Fortescue disclosed that both former CEO Elizabeth Gaines and former CFO Ian Wells received "special recognition" bonuses upon ceasing their executive duties, amounting to $1.97 million and $1 million, respectively. There is no indication that Fiona Hick will receive a similar bonus.