Rio Tinto has appointed Chris Lynch to the role of Chief Financial Officer to succeed Guy Elliott, with effect from April 18th.
Lynch joined the Rio Tinto boards as a non-executive director in September 2011. He remains on the boards and will become an Executive Director and member of the Executive Committee as Chief Financial Officer-elect on March 1st 2013.
Elliott announced his intention to retire from Rio Tinto in July 2012 after more than 30 years with the group. He will remain on the boards until the end of 2013. He will step down as Chief Financial Officer at the conclusion of the Rio Tinto AGM in London on April 18th 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Rio Tinto Chief Executive Sam Walsh said: "Chris Lynch is an extremely high-calibre addition to our executive team with a strong pedigree of board, mining and financial experience, including at BHP Billiton where he was chief financial officer and ran the Carbon Steel Materials division, and 20 years at Alcoa.
"We are fortunate to have appointed someone so well qualified to take over from Guy, and I am grateful to Guy for remaining on the boards until the end of the year."
Chris Lynch said: "This is a wonderful opportunity for me to join Sam's leadership team and work with him in refocusing the business on pursuing greater shareholder value. I am really looking forward to getting stuck into the challenge and ensuring we deliver on our promises to improve this great business."
Executive Committee changesWalsh is also streamlining his Executive Committee by reducing the number of positions reporting to him from 11 to nine.
Rio Tinto reported that the vacant Group Executive Strategy position will not be filled, and strategy will continue to be part of the Chief Financial Officer portfolio.
Bret Clayton's role of Group Executive, Business Support and Operations will be restructured and its responsibilities will transfer to other Executive Committee members from March 1st.
Rio Tinto reported that Clayton has agreed to stay with the group to assist with a range of activities including continuing to oversee Pacific Aluminium as it is prepared for divestment.
MF
-
Ocado shares jump 14% after sales surgeThe rise in sales comes after Ocado was dumped out of the FTSE 100 in June
-
Cash ISA subscriptions surge - but will the chancellor cap ISA benefits in the Budget?The number of savers using cash ISAs has jumped by 11%, while the popularity of stocks and shares ISAs has declined. Could ISAs be a target in the Autumn Budget?
