Fortescue Metals Group said on Friday chief executive Neville Power will step down next year after seven years at the helm.

The company announced the leadership change this morning, with Power slated to officially step down in February, 2018.

No replacement, or direction on the process for Power's replacement, has yet been announced. Nor has a reason been given for his sudden departure.

"This is consistent with our long-term succession plan," chairman Andrew Forrest said in a statement.

"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."

Mining analyst Gavin Wendt called the sudden announcement a surprise, but did note Power had been in the role "well past the time most CEOs spend".

"Power brought a lot of confidence to the market," Wendt said.

"During his time he helped Fortescue deliver on what they said they would.

"There's always been scepticism on how the miner would bridge the gap between itself and the larger players like BHP and Rio Tinto, and he's done well to do so.

"He has contributed to the evolution of the company, and been a driving force both in operational and market performance."

Wendt also commented on the release, and Forrest's statements that Forrest will 'look forward to Nev's continued interest, love and support of Fortescue'.

"That's just the nature of the company, Forrest has looked to create a cosy, family type situation at the company and it shows in their releases."

Wendt declined to comment on potential replacements for Power, only adding that "one would assume they'd look internally, there's a lot of talent within the company."

Power is only the second CEO to lead the company in its 15 years of operation.

The miner's share price has dropped four per cent since the announcement before midday.

with Reuters and AAP