Rio Tinto CEO Jakob Stausholm steps down after more than four years in role
Mining giant Rio Tinto has announced its chief executive, Jakob Stausholm, will step down, more than four years since he took over following global criticism of the company for its destruction of ancient rock shelters in Western Australia.
Mr Stausholm became chief executive in January 2021 as his predecessor Jean-Sébastien Jacques exited after Rio blew up the 46,000-year-old shelters in the state's Pilbara region.
Rio Tinto chair Dominic Barton said among other achievements, Mr Stausholm had rebuilt relationships with "key stakeholders".
Mr Stausholm's unexpected departure will leave a vacancy at the top of one of the world's biggest mining companies, with Rio's Perth-based iron ore chief executive Simon Trott among the possible replacements.
The company said Mr Stausholm will step down later this year "at the conclusion of a succession process".
"A rigorous selection process is already underway, led by the nominations committee," it said in a statement.
Mr Stausholm was in Perth at the start of the month for Rio's annual general meeting, during which the board was challenged by Robe River Kuruma woman Deanna McGowan.
She asked when Rio would uphold its promise to modernise its Robe River land use agreement, in the wake of the destruction of the Juukan Gorge.
Ms McGowan called on the miner to stop taking so much water from local aquifers each year, saying the country was dying.
Mr Stausholm said at the time Rio was very committed to minimising the impact of mining iron ore, including high water use, and was investing in a desalination plant.
"We will find solutions, we are absolutely committed to it," he said.
Mr Stausholm joined Rio in 2018 after experience at oil and gas giant Shell and shipping and logistics company Maersk, initially as chief financial officer.
He became Rio's CEO three years later.
Mr Barton praised his colleague, saying he had "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".
In a statement, Mr Stausholm said it has been an absolute privilege to lead Rio Tinto.
"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," he said.
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