Rio Tinto Names Jakob Stausholm as Next CEO -- Update
17 December 2020 - 5:42PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC named chief financial officer Jakob
Stausholm as its new chief executive, replacing Jean-Sébastien
Jacques who was ousted amid the fallout from the destruction of two
ancient rock shelters in Australia.
Rio Tinto said Mr. Stausholm, who joined Rio Tinto in 2018, has
played a central role in strengthening the miner's balance sheet,
maintaining capital discipline and boosting returns to
shareholders. He will assume the role of chief executive from Jan.
1, 2021.
"I am also acutely aware of the need to restore trust with
Traditional Owners and our other stakeholders, which I view as a
key priority for the company," said Mr. Stausholm.
Rio Tinto, the world's second-largest listed mining company by
market value, in September said Mr. Jacques would leave the company
as it bowed to pressure from investors for its senior leaders to be
held accountable for the destruction of the caves at Juukan Gorge
on May 24.
A federal-government inquiry recently recommended Rio Tinto
negotiate a restitution package with an Australian indigenous group
over the destruction of the ancient caves, which contained a trove
of artifacts that indicated they had been occupied by humans more
than 46,000 years ago.
Mr. Stausholm said he will also look to progress Rio Tinto's
growth, sustainability and technology strategies.
"Rio Tinto's purpose is to produce the materials essential to
human progress and I remain deeply committed to this after the
difficult times we have faced during 2020," he said.
Prior to joining Rio Tinto, Mr. Stausholm was chief financial
officer and strategy and transformation officer of A.P.
Moeller-Maersk A/S. Earlier in his career, he spent two decades
with Royal Dutch Shell PLC in a number of financial positions and
as group chief internal auditor, Rio Tinto said.
He has also served as nonexecutive director of both Statoil ASA
and Australian energy company Woodside Petroleum Ltd.
"His blend of strategic and commercial expertise, strong values
and a collaborative leadership style are the ideal qualities for
our next chief executive," said Rio Tinto chairman Simon
Thompson.
Peter Cunningham, previously group controller, will become
interim chief financial officer. Mr. Jacques will step down as CEO
and executive director on Jan. 1 and leave the company on March 31,
Rio Tinto said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
December 17, 2020 01:27 ET (06:27 GMT)
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