Nev Power will wrap up his run as chief executive officer of Fortescue Metals Group in February next year.

Fortescue chairman Andrew Forrest has announced Mr Power would complete his term as CEO on February 16 after almost seven years in the role.

“Nev has executed his duties to the highest degree and met or exceeded the often unreasonable standards set by his board,” Mr Forrest said.

“We could not be more pleased with his stewardship and respect his decision that it is time for the next chapter of Fortescue to begin.

“This is consistent with our long term succession plan and we both share great confidence in the quality of internal and external candidates to continue Fortescue’s legacy.”

Mr Power took over from Mr Forrest, making the two the only people to sit in the CEO’s chair in the iron ore miner’s 15-year history.

Fortescue says it has more than quadrupled its iron ore production to 170 million tonnes per annum since Power was appointed CEO in 2011.