Rio Tinto CEO to step down later this year

(Sharecast News) - Mining giant Rio Tinto has announced that boss Jakob Stausholm will leave the company after four years in the role, calling it a "natural moment" for a change in leadership. Stausholm, who joined Rio in 2018 as chief financial officer before becoming chief executive officer in January 2021, is to step down later this year at the conclusion of a succession process, the company said.

The CEO is credited with resetting Rio's strategy to align the miner with the energy transition and "shap[ing] a pathway to a decade of profitable growth".

However, chair Dominic Barton said: "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."

Stausholm will continue as CEO and on the board until a successor is appointed.

"Under Jakob's leadership, Rio Tinto has restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest, built a diverse and talented management team, and set a compelling growth trajectory. Our focus on these things is undiminished and our strategic priorities are unchanged," Barton said.