Latest news with #DominicBarton
AU Financial Review
3 days ago
- Business
- AU Financial Review
Rio Tinto's departing CEO rejects talk of rift with chairman
Departing Rio Tinto chief executive Jakob Stausholm says there is no bad blood with chairman Dominic Barton, and the company's next boss could 'very well be' an internal candidate. Stausholm's comments come two weeks after his exit was announced and as the Danish executive hosted guests at the official opening of Rio's $2.4 billion Western Range iron ore joint venture with Chinese giant Baowu in the Pilbara region on Friday.
Forbes
23-05-2025
- Business
- Forbes
Man Overboard. Rio Tinto Loses Its 4th CEO In 12 Years
Did Jakob Stausholm jump or was he pushed out of the top job at the world's second biggest mining company, the London-based but Australian focused Rio Tinto? Perhaps a bit of both is the correct answer with hints that Stausholm had clashed with other board members on recent events and future investment plans, especially a full-blooded charge into the problem plagued lithium industry. Whatever the truth, investors took the early exit of the likeable Danish-born businessman who had served little more than four years as chief executive with the company's shares slipping by just 1.7%, in line with a weaker market for miners. Platitudes flowed freely from Stausholm and Rio Tinto chairman Dominic Barton in the formal five paragraph surprise announcement which was headed 'Rio Tinto announces chief executive succession plan." Barton said Stausholm had restored trust with key stakeholders and aligned the company's portfolio where demand growth was strongest. Stausholm, in the same statement, said it has been an absolute privilege to lead Rio Tinto, one of the great mining and materials companies in the world. But until late yesterday there had not been the slighted hint that Stausholm was planning to leave early having only switched from his role as chief financial officer to chief executive in early 2021. The abruptness of the announcement about the end of Stausholm's time at Rio Tinto follows equally dramatic CEO events at the company including the 2013 exit of Tom Albanese after heavy losses on a coal deal in Mozambique, the departure of Sam Walsh after a troubled investment in a Guinea iron ore project, and the exit of Jean-Sebastien Jacques in 2020 after the accidental destruction of a site sacred to Aboriginal groups. Reasons for Stausholm's premature departure are topped by speculation that other senior executives are not as convinced as he is of the potential for lithium to become a core industry for the company. Since committing to develop a lithium brine processing business in Argentina the lithium price has been in freefall, worsening after Stausholm agreed to the $6.7 billion acquisition last year of Arcadium Lithium, taking Rio Tinto's exposure up to an estimated $20 billion. Other big miners, including archrivals BHP, Anglo American and Glencore, have steered clear of lithium, am important metal in batteries, but one which is also abundantly available puts suffers from extremely volatile pricing. Another problem which has developed during Stausholm's time as CEO is a decline in the grade of ore extracted at the company's west Australian iron ore mines which means reduced payment from steel mill customers. Whoever gets the top job at Rio Tinto will also find a crisis brewing in the iron ore division which generates close to 80% of the company's annual profit with organised labor making a determined push to re-unionize the operations, with the support of the left-leaning Australian Government. Two men have already been named as Stausholm's possible successor, the current head of the iron ore division, Simon Trott, or the chief commercial officer and former head of the copper division, Bold Baatar.
AU Financial Review
23-05-2025
- Business
- AU Financial Review
Rio Tinto CEO was pushed
One of the biggest jobs in world mining is up for grabs after relations between Rio Tinto chairman Dominic Barton and chief executive Jakob Stausholm strained to the point where the Danish executive reluctantly stepped down at talks in London this week. Stausholm spent Friday clearing his mind on a long-distance run in Spain as Rio investors praised his term as CEO and urged the mining giant to avoid parachuting a 'big personality' into the executive suite.
Times
22-05-2025
- Business
- Times
Rio Tinto boss Jakob Stausholm makes surprise exit after four years
The boss of Rio Tinto has unexpectedly decided to step down after less than five years running the world's second-biggest mining company. Jakob Stausholm, 56, is to leave later this year once a successor is found, the Anglo-Australian group said. Rio, which is facing pressure from the activist investor Palliser Capital, gave no clear reason for Stausholm's departure beyond a statement from its chairman describing it as 'a natural moment to appoint Jakob's successor'. Dominic Barton said that Rio was looking ahead to its next phase in which it would 'double down to deliver greater operational performance to realise the full potential' of its assets. Analysts at Berenberg said, however, that Stausholm's exit, 'does not feel that natural to us. This news comes as a
ABC News
22-05-2025
- Business
- ABC News
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.
