Rio Tinto appoints new CFO and streamlines executive committee

Rio Tinto has appointed Chris Lynch to the role of Chief Financial Officer to succeed Guy Elliott, with effect from April 18th.

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.

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

Recommended

Share tips of the week – 9 December
Share tips

Share tips of the week – 9 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
9 Dec 2022
The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Radiator vs electric heater – which is cheaper?
Personal finance

Radiator vs electric heater – which is cheaper?

We compare the costs, pros and cons of radiators and electric heaters and see which one will help keep your energy bill as low as possible.
28 Nov 2022
The pros and cons of smart meters – should you switch?
Personal finance

The pros and cons of smart meters – should you switch?

A smart meter can help you keep tabs on your energy usage, but is it better than a regular meter? We take a look at smart meters vs regular meters.
2 Dec 2022