Heartbreaking update for mining magnate Twiggy Forrest and his estranged wife one year after their shock marriage split

Billionaire Andrew ' Twiggy ' Forrest and his estranged wife Nicola have stepped down as co-chairs of the charity they founded more than 20 years ago, saying it was 'right time' for change.

Minderoo Foundation announced the leadership shake-up in a statement on Thursday, just months after its 300-strong workforce was slashed by a third to cut administration costs.

The Forrests were Australia's richest couple before they announced their shock split in July 2023 after 31 years of marriage .

The West Australians founded the Minderoo Foundation in 2001, which aims to uplift communities, support gender equality, protect natural ecosystems and respond to emerging threats and challenges worldwide.

The philanthropic organisation has also provided humanitarian aid in Gaza and Ukraine and runs programs in almost 40 countries.

The Forrests donated $5 billion worth of Fortescue shares to the foundation last year.

Prominent barrister and former Melbourne University chancellor Allan Myers KC has been announced as the new independent chair.

The Forrests will remain involved in the foundation as non-executive directors.

'We couldn't be more proud of what has been achieved over the past 23 years, and with Minderoo's 2030 Strategy now finalised and being implemented, it is the right time for change on the board,' a joint statement read.

'Under Allan's stewardship as the independent chair we know Minderoo will continue delivering on its mission to forge a fair future by challenging inequalities and campaigning for meaningful change.'

Mr Forrest will turn his focus to his Fortescue's iron ore empire and its goal to pursue zero emissions by 2030.

'I have an unshakeable passion for steering the world away from a potentially catastrophic future, and will continue to steer Minderoo, Tattarang and Fortescue in the one direction – to ensure we leave our planet liveable for future generations,' he said.

'Fortescue's work to unapologetically pursue Real Zero by 2030 both profitably and globally will maintain its preeminent position as the lowest cost iron ore producer in the world, and Australia's most successful company.

'Scientists and businesses worldwide have endorsed the reality that Real Zero 2040 – the cessation of the use of all fossil fuels by 2040 is the only way that we will avoid a climate emergency.

Ms Forrest added: 'Guided by its new strategy, Minderoo and its partners are in an even stronger position to face up to these challenges together, and stepping aside is a confidence-call in our future trajectory and the impact we will make.'

Mr Myers vowed to continue the founders' unprecedented generosity, vision and optimism embodied in the foundation.

'I will do my best as chair to help realise their aspirations for the enduring benefit of Australia and the wider world,' he said.

The Forrests, who have an estimated combined wealth of $37billion according to The Australian's Richest 250 list for 2024, announced their separation in July 2023 after months of speculation they were no longer together.

'After 31 years of marriage, we have made the decision to live apart,' 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 amassed their fortune through a 36 per cent shareholding in iron ore miner Fortescue Metals Group, which he founded in 2003.

They also jointly oversee their private investment arm, Tattarang Capital.

At the time of the split, the Forrests stated there would be no change in 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 any plans to divorce.