Rio Tinto has appointed Jakob Stausholm as chief executive,
effective 1 January 2021.
Since joining Rio Tinto as an executive director and chief
financial officer in 2018, Mr Stausholm has played a leading role
in the Group’s strong performance, maintaining capital allocation
discipline and delivering significant shareholder returns, while
strengthening the balance sheet.
Mr Stausholm is an experienced global executive, with 25 years
in leadership roles in capital intensive and service industries
across Europe, Latin America and Asia-Pacific. Prior to joining Rio
Tinto, he was Group Chief Financial Officer and Strategy &
Transformation Officer of A.P. Moeller – Maersk A/S.
Previously, he was Group Chief Financial Officer of the global
facility services provider ISS A/S. Before that, he spent two
decades with Royal Dutch Shell in numerous financial positions
globally and as Chief Internal Auditor for the group.
Mr Stausholm also brings broad non-executive experience having
served as non-executive director of Statoil ASA, including six
years as Chairman of the Audit Committee. He was also a
non-executive director with Australian energy company Woodside
Petroleum.
Rio Tinto chairman Simon Thompson said “I am pleased to announce
the appointment of Jakob as Chief Executive of Rio Tinto. His blend
of strategic and commercial expertise, strong values and a
collaborative leadership style are the ideal qualities for our next
chief executive.
“Jakob has already made a significant contribution to the
performance of the Group in his role as Chief Financial Officer. He
has a proven track record as a senior executive with deep
industrial and resources experience spanning strategy development
and technology, as well as financial and risk management. He has
also demonstrated the ability to build effective relationships and
has a strong personal commitment to the role of business in
promoting sustainable development.”
Jakob Stausholm said “I am truly delighted and humbled to be
given the opportunity to lead this tremendous company. Since I
joined two years ago, I have spent extensive time at our
operations, meeting our excellent people and have also engaged with
many of our valued partners.
“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. I look forward to
leading Rio Tinto and working with my colleagues across the
business to ensure that we maintain strong safety, operational and
financial performance, while progressing our growth, sustainability
and technology strategies. 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.”
As a result of Mr Stausholm’s appointment, Peter Cunningham will
be appointed interim chief financial officer of Rio Tinto,
effective 1 January 2021. Peter was previously Group Controller for
Rio Tinto and has held a number of senior finance and leadership
roles across Rio Tinto in a career spanning 27 years with the
company. Prior to joining Rio Tinto, Peter qualified as a chartered
accountant.
Given the effective date of Mr Stausholm’s appointment, J-S
Jacques will step down from his role as an executive director and
chief executive of Rio Tinto with effect from 1 January 2021 and
will leave the Group on 31 March 2021.
Mr Thompson said “I would like once again to acknowledge J-S’s
strong leadership of Rio Tinto since 2016. He leaves the Group in
an exceptionally strong financial position, having delivered
significant shareholder returns, sector-leading profitability and
value creation, and an outstanding safety performance. J-S and the
team have created a very solid foundation for future success.”
LEI: 213800YOEO5OQ72G2R82 Classification: 3.1 Additional
regulated information required to be disclosed under the laws of a
Member State
Notes to editors
Jakob Stausholm
Jakob Stausholm joined Rio Tinto in September 2018 as Executive
Director and Chief Financial Officer.
Prior to joining Rio Tinto, Mr Stausholm was the Chief Strategy,
Finance and Transformation Officer for the Maersk Group from 2016,
having joined the Maersk Group in 2012. From 2008 to 2011, he was
Group Chief Financial Officer of the global facility services
provider ISS A/S. Previously, Mr Stausholm worked for Shell for
almost 20 years across Europe, Latin America and Asia-Pacific, with
roles including Vice President, Finance for Asia-Pacific, and chief
internal auditor.
From 2009 -16, Mr Stausholm served as a non-executive director
of Statoil (now Equinor), including six years as Chairman of the
Audit Committee. Between 2006-08, he was also a non-executive
director of Woodside Petroleum.
Mr Stausholm’s core contractual terms such as his notice period
will remain unchanged. The structure of the remuneration package
will also remain broadly unchanged, except for the base salary, and
will comprise the following elements:
- A base salary of £1,150,000.
- An annual bonus with a target of 100 per cent of base salary
and a maximum of 200 per cent (unchanged).
- A long-term incentive plan (LTIP) award of up to 400 per cent
of base salary. The maximum LTIP award level aligns with the new
remuneration policy we intend to submit to shareholders in 2021 and
is a reduction from our current policy maximum of 438 per
cent.
- The company pension contribution will reduce from currently 25
per cent of base salary to 14 per cent of base salary on
appointment. The 14 per cent is consistent with the rate applicable
to our broader global workforce, and in line with the median rate
applicable to our UK employees.
- Mr Stausholm’s current car and fuel allowance will be removed
on appointment. Other benefits which include company provided
health care coverage, and eligibility to participate in the
all-employee share plan remain unchanged.
- The minimum shareholding requirement will increase to 400% of
base salary.
Further detail will be disclosed in the 2020 Directors’
Remuneration Report.
The detail of Mr Jacques’ leaving arrangements will be disclosed
in the 2020 Directors’ Remuneration Report.
This announcement is authorised for release to the market by Rio
Tinto’s Group Company Secretary.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201216006087/en/
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