Rio Tinto: Chief executive of FTSE 100 giant to step down
Rio Tinto’s chief executive Jakob Stausholm will step down after more than four years leading the FTSE 100 mining giant, it has been announced.
The London-listed firm said a “rigorous selection process” had already begun, with Stausholm remaining in the top job until a successor is found.
No reason for the exit has been given.
Stausholm became chief executive of the miner in early 2021 as it faced significant backlash over the destruction of a 46,000 Aboriginal cave in Western Australia.
Rio Tinto chair Dominic Barton said Stausholm had “restored trust with key stakeholders” and set a “compelling growth trajectory.
“Our focus on these things is undiminished and our strategic priorities are unchanged. This is a natural moment to appoint Jakob’s successor, as we look ahead to our next phase in which we will double down to deliver greater operational performance to realise the full potential of our assets.”
In a statement, Stausholm said: “It has been an absolute privilege to lead Rio Tinto, one of the great mining and materials companies in the world.
“I would like to thank the deeply dedicated and talented people across the organisation that together have raised both operational performance and project execution.
“We have built on Rio Tinto’s historic strengths to deliver profitable, stable growth and significant shareholder value. I know the company will continue to thrive long into the future.”
Listing pressure for Rio Tinto
Rio Tinto has faced pressure from activist investors over the last year to ditch its London listing in favour of Australia.
The company currently holds a dual-listing in the UK capital and Sydney.
Shares stayed broadly level on Thursday, trading down around 0.6 per cent.
Rio Tinto said Stausholm had reset the group’s strategy and “shaped a pathway to a decade of profitable growth,” in a statement on the London Stock Exchange.