Jakob Stausholm, the chief executive of Rio Tinto, is poised to step down from his role after being at the helm of the FTSE 100 mining behemoth for over four years.
The London-based company has commenced a “rigorous selection process” to find a new leader while Stausholm remains until his successor is in place, as reported by City AM.
Though the company hasn’t specified a reason for Stausholm’s departure, it is noteworthy that he took up the chief executive post at the start of 2021 amidst a fierce controversy surrounding the destruction of a 46,000 year old Aboriginal site in Western Australia.
Dominic Barton, the chair of Rio Tinto, has commended Stausholm for “restoring trust with key stakeholders” and setting the company on a strong growth path, stating: “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 reflecting on his time in leadership, Stausholm commented: “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
Over the past year, Rio Tinto has been under pressure from activist investors to abandon its London listing in favour of Australia.
The firm currently maintains a dual-listing in both the UK capital and Sydney.
Shares remained largely steady on Thursday, trading down by approximately 0.6 per cent.
In a statement on the London Stock Exchange, Rio Tinto stated that Stausholm had redefined the group’s strategy and “shaped a pathway to a decade of profitable growth.”
