• CEO Jakob Stausholm to step down; succession process underway

• Stausholm joined in 2018, led the group since January 2021

• No details shared on timeline or potential replacements

Anglo-Australian mining group Rio Tinto revealed yesterday it has begun a formal selection process to appoint a new CEO. The announcement comes as current chief executive Jakob Stausholm is expected to leave the company “later this year.”

Stausholm joined Rio Tinto in 2018 and has served as CEO since January 2021. He will remain in his role until a successor is named. The selection process is being managed by the company’s nomination committee, but no information has been provided regarding potential candidates or the expected timeline.

“Under Jakob’s leadership, Rio Tinto has restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest (…) Our focus on these things is undiminished and our strategic priorities are unchanged. 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,” said Dominic Barton, Chairman of the Board.

Rio Tinto is the world’s second-largest mining company by market capitalization. In Africa, it operates through its subsidiary Richards Bay Minerals in South Africa and is developing blocks 3 and 4 of the Simandou iron ore project in Guinea.