Fortescue Metals Group (ASX:FMG) shares dipped by 4.4%, marking the steepest drop since July 28.

This downward trend comes in the wake of the iron ore conglomerate reporting an underlying net profit after tax of $4.80 billion for this financial year, a decrease from the $6.20 billion posted a year prior.

The company also announced a final dividend of A$1.00 per share, down from A$1.21 a year ago.

Adding to the news, Fiona Hick, the head of the metals division and co-CEO, has resigned.

Dino Otranto is set to succeed Hick as CEO.

Despite these developments, Fortescue’s stock has still risen by 2.1% this year up to the most recent close.

Fortescue Metals Group (ASX:FMG) is a multinational corporation known for iron ore exploration and mining activities.