On Thursday, the mining giant named Chief Financial Officer Jakob Stausholm as CEO. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Rio Tinto CEO Jean-Sébastien Jacques has resigned under pressure from investors over the company's destruction of a 46,000-year-old sacred Indigenous site in … Alcan's chief executive, Jacynthe Cote, led the new division, renamed Rio Tinto Alcan with its headquarters situated in Montreal. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive, defying expectations it would pick an external candidate to repair its image after its destruction of sacred Aboriginal rock shelters. Sign up for free newsletters and get more CNBC delivered to your inbox. It described the destruction of the caves as "inexcusable," but did not specify a proposed amount. by ShippingHerald Finance & Economy, Headlines, Metals, The Wire. Rio Tinto, the world's second-largest listed mining company by market value, said a search for a new CEO was under way and Mr. Jacques would leave sooner than March 31 if … The Juukan Gorge is in Hamersley Ranges, in Western Australia's Pilbara region. 18 Dec 2020 . Former CEO Jean-Sebastien Jacques resigned, along with two deputies, after the miner destroyed sacred Aboriginal rock shelters that, while legal, sparked public and investor uproar. ", "I am also acutely aware of the need to restore trust with. Australian miner Rio Tinto has appointed Jakob Stausholm as chief executive, effective January 1, replacing Jean-Sébastien Jacques who will step down and leave the group by … Rio Tinto has promoted finance boss Jakob Stausholm to chief executive, replacing Jean-Sebastien Jacques who was forced to quit amid outrage over … Most stock quote data provided by BATS. Rio Tinto's new CEO pledges to 'restore trust' after destruction of sacred Indigenous site By Michelle Toh , CNN Business Updated 1008 … French born Mr Jacques, who goes by JS, has been CEO of Rio Tinto since 2016. Hong Kong (CNN Business)Rio Tinto (RIO) has found a new chief after a crisis this year led to the ouster of its top executive. All rights reserved. Rio Tinto names Stausholm as CEO. "Coming in at Rio at a time when the company's social license has been so fundamentally undermined through its own actions is an enormous challenge," said Adam Matthews, director of ethics and engagement at the Church of England. Some politicians have since called for restitution. Stausholm, who joined Rio as CFO in 2018, is now tasked with the tough job of repairing strained relationships with investors and the Aboriginal community while reforming the mining company to improve oversight. A Division of NBCUniversal. The decision to blow up the site had faced a seven-year battle by the local custodians of the land, the Puutu Kunti Kurrama and Pinikura people, to protect it. File photo by Reuters. © 2021 CNBC LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Investors were expecting the mining giant would pick an external candidate. Rio Tinto CEO resigns after destruction of heritage site, Ex-Trump official who supports Biden stimulus plan speaks out, Biden signs executive order to promote $15 federal minimum wage, Biden revokes Keystone XL pipeline permit, Many believed conspiracy theories about Trump and the election. (Bloomberg) -- Rio Tinto Group appointed Jakob Stausholm as chief executive officer, with current head Jean-Sebastien Jacques stepping down after an investor backlash over the destruction of an ancient Aboriginal heritage site in Australia. (Kitco News) - Rio Tinto announced today that it has appointed Jakob Stausholm as chief executive, effective 1 January 2021. All times are ET. Rio Tinto CEO to leave company after destruction of sacred sites The company destroyed two rock shelters in Juukan George in Western Australia state that had been inhabited for 46,000 years. This glass could turn skyscrapers into power generators Hong Kong / Sydney (CNN Business)Rio Tinto (RIO) CEO Jean-Sébastien Jacques has … Stausholm is a financial guy, focused on details and process and hopefully will be good at stabilising Rio after what has been a very difficult year," said George Cheveley, portfolio manager at Ninety One. Disclaimer. Rio Tinto CEO to leave company after destruction of sacred sites The company destroyed two rock shelters in Juukan George in Western Australia state that had been inhabited for 46,000 years. Got a confidential news tip? The appointment of a Danish CEO after Frenchman Jacques will also come as a surprise to Australian investors, who have argued that a new CEO should have local experience and be based in the country that provides 85% of Rio's profits. Mining major Rio Tinto has appointed CFO Jakob Stausholm to take over the role as CEO from Jean-Sebastian Jacques on January 1, 2021. In a statement Thursday, Stausholm recognized the challenge ahead of him, acknowledging "the difficult times we have faced during 2020. UBS analysts noted that the committee's report was not government policy, writing in a Wednesday research note that "unilateral action is unlikely." What impact could deplatforming Donald Trump have? Rio Tinto Names Jakob Stausholm CEO, as It Seeks to Rebuild Reputation New chief will be tasked with restoring trust with traditional owners of … This led to the destruction of Juukan 1 & 2 sacred sites in May 2020. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Jean-Sébastien Jacques, the company's chief executive and executive director, will depart by "mutual agreement," Rio Tinto said. Rio Tinto CEO Jean-Sébastien Jacques has resigned under pressure from investors over the company's destruction of a 46,000-year-old sacred Indigenous site in Australia to expand an iron ore mine. According to the company’s statement, since joining Rio Tinto as an executive director and chief financial officer in 2018, Mr Stausholm has played a leading role in the Group’s strong performance, maintaining capital allocation discipline and … Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday, defying expectations it would pick an external candidate to repair its image after its destruction of sacred Aboriginal rock shelters. Expert: Social media to extremism is like oxygen to fire, Watch this rocket launch from the wing of a jumbo jet, Hear Sandberg downplay Facebook's role in the Capitol riots, Airlines & TSA boost security ahead of Inauguration, Major GOP donor and casino magnate Sheldon Adelson dies, Why Wall Street is hopeful about Biden despite economic challenges, Parler sues Amazon in response to being deplatformed, This tech gives drivers directions on the road in front of them, The online warning signs of the violent Capitol siege, Rio Tinto CEO resigns after destruction of 46,000-year-old sacred Indigenous site. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Data is a real-time snapshot *Data is delayed at least 15 minutes. Investors were expecting the mining giant would pick an external candidate. Top commodities trader and miner Glencore (LSE: GLEN) is waving its long-term boss Ivan Glasenberg good-bye. A survey there found the … The company sold three major assets in 2008, raising about $3 billion in cash. All rights reserved. Activity in 2008 and 2009 was focused on divestments of assets to raise cash and refocus on core business opportunities. Australian miner Rio Tinto has appointed Jakob Stausholm as chief executive, effective January 1, replacing Jean-Sébastien Jacques who will step … Rio Tinto is the latest top miner to make key executive changes. Rio Tinto shipped 88.9 million tonnes (Mt) of iron ore in the three months to December, up from 86.8 Mt a year earlier and slightly above UBS’ forecast of 88.6 Mt. Factset: FactSet Research Systems Inc.2018. Rio Tinto CEO Jean-Sebastien Jacques is among three executives stepping down as a result of the blasting of the sacred Juukan Gorge site but many say the company needs to do more. Get this delivered to your inbox, and more info about our products and services. 2020. Rio Tinto announced the resignation of its CEO and two other top execs on Friday over the mining giant's destruction of a 46,000-year-old Aboriginal site to expand an iron ore mine in Australia. SYDNEY--Rio Tinto PLC named chief financial officer Jakob Stausholm as its new chief executive, replacing Jean-Sébastien Jacques who was ousted … Rio Tinto's CEO and two senior executives will be replaced after an investor revolt forced the board to escalate its response to the Aboriginal cave blast crisis. "This decision appears to be further evidence of poor corporate governance and suggests a lack of any credible succession planning," said Doug McMurdo, chairman of Britain's Local Authority Pension Fund Forum which represents 82 members with 300 billion pounds ($408 billion) under management. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Shortly before the announcement, its shares in Sydney had closed up 1.8%. Mike Henry, BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) chief executive officer, has been at the job only since January 2020. We want to hear from you. Hong Kong (CNN Business)Rio Tinto (RIO) has found a new chief after a crisis this year led to the ouster of its top executive. Rio Tinto Group named finance head Jakob Stausholm as chief executive officer, tapping a relative newcomer to manage the fallout over its destruction of ancient Aboriginal sites in Australia. Rio Tinto's CEO and two other executives linked to the destruction of two Western Australian heritage sites announced their departure on Friday following shareholder anger. Rio Tinto later apologized for the incident, with its chairman Simon Thompson admitting: "What happened at Juukan was wrong.". Investor groups accused Rio Tinto of failing to take full responsibility for the demolition of the caves, which had held significant archeological value and deep cultural meaning for Aboriginal people. Rio's choice of an internal candidate was a surprise as most bankers and investors had expecting the company to choose an outsider to start with a clean slate. As well as navigating Australia's trade tensions with China, potential aluminum plant closures and job losses, he will have to manage cost overruns at Rio's biggest growth project in Mongolia, a new iron ore mine in Guinea and legacy issues in Bougainville. Some investors said the appointment was unlikely to go down well with markets as a more radical change had been expected, with others highlighting Stausholm's lack of operational knowledge as a hurdle. Rio Tinto Group named finance head Jakob Stausholm as chief executive officer, tapping a relative newcomer to manage the fallout over … Rio said Stausholm, who was formerly at Royal Dutch Shell and Maersk, will take over as CEO on Jan. 1, 2021, and Peter Cunningham will be appointed as chief financial officer on an interim basis. Updated 1008 GMT (1808 HKT) December 17, 2020. Rio Tinto Names Stausholm CEO as Jacques Steps Down After Blast. All Rights Reserved. Rio Tinto CEO Forced Out By Pressure Over Aboriginal Site Blast ... is reviewing internal and external options for a new chief executive officer … Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday. Rio Tinto chief executive Jean-Sebastien Jacques has received a 27 per cent pay rise in 2019 for achieving high profits, safety rates and share growths in the company. Now, they're losing faith. This led to the destruction of Juukan 1 & 2 sacred sites in May 2020. 12/17/2020 | 01:28am EST *: *: * Stocks mentioned in the article. 3 other mining plans were considered. Analysts at Morgan Stanley said Stausholm's appointment could indicate little change in the overall strategy but that it  should minimize the typical disruption period caused by management transitions. Based on Rio Tinto submission to the Senate Enquiry, Sam Walsh was the CEO of Rio Tinto when the controversial decision of presenting only one mining plan to the PKKP people was made. Last week, an inquiry panel from the Joint Standing Committee of Northern Australia found that Rio Tinto should pay reparations to Indigenous Australians. Rio Tinto announced today that it has appointed Jakob Stausholm as chief executive, effective 1 January 2021. The two rock shelters, for instance, had contained artifacts indicating tens of thousands of years of continuous human occupation. Discover more today. The destruction of the 46,000-year-old Juukan Gorge rock shelters, while legal, sparked public and investor uproar that ultimately led to the resignation of incumbent Jean-Sebastien Jacques and two deputies. 3 … "It's a bit of a surprise. Rio Tinto said on Monday it will cut the short-term bonuses of its chief executive Jean-Sébastien Jacques and two other senior executives following a … But it didn't immediately fire any executives, which led to more backlash. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday. This is a photograph of a Rio Tinto mining helmet taken on 2 Jun. Rio Tinto announced the resignation of its CEO and two top lieutenants Friday over the mining giant's destruction of a 46,000-year-old Aboriginal site to expand an iron ore mine in Australia. Rio Tinto, the world's second-largest listed mining company by market value, said a search for a new CEO was under way and Mr. Jacques would leave sooner than March 31 if a successor is found. "It further raises questions about Rio Tinto's corporate culture over the last few years," he said, adding that it also showed there had been a lack of consultation by Rio Chairman Simon Thompson with investors. Rio Tinto announced the resignation of its CEO and two top lieutenants Friday over the mining giant's destruction of a 46,000-year-old Aboriginal site to … Meet the executive committee that continues to drive Rio Tinto forward, ensuring our mining operations and services meet the requirements of the community and are sustainable. Jean-Sebastien Jacques, CEO of Rio Tinto Group poses for a portrait in London in February 2020. The board's handling of the aftermath of the cave blasts has cast a shadow over Thomson's tenure. A parliamentary inquiry has called on Rio to pay restitution to Indigenous Australians affected by the destruction and also fully reconstruct the rock shelters. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Rio Tinto said Mr. Stausholm , who joined Rio Tinto in 2018, has played a central role in strengthening the miner's balance sheet, maintaining capital discipline and boosting returns to shareholders. Rio Tinto Names Jakob Stausholm as Next CEO -- Update. Stausholm will assume the role on January 1, the same day outgoing CEO Jean-Sébastien Jacques is slated to step down. They added, though, that Rio Tinto is "likely to pay compensation" over the incident. Rio's stock in London rose 1.9% on Thursday following the news. Based on Rio Tinto submission to the Senate Enquiry, Sam Walsh was the CEO of Rio Tinto when the controversial decision of presenting only one mining plan to the PKKP people was made. Shares in London, which are at record highs on booming iron ore prices, had climbed 1.8% by 1135 GMT. Rio Tinto chief executive Jean-Sebastien Jacques has received a 27 per cent pay rise in 2019 for achieving high profits, safety rates and share growths in the company. New Rio Tinto boss Jakob Stausholm faces the first major test of his tenure as Rio chief executive, with the government of Mongolia renewing threats to … Rio Tinto’s promotion of internal candidate Jakob Stausholm to be the next CEO has surprised investors but is being widely supported as a strong choice as … The mining giant named chief Financial Officer Jakob Stausholm as its next chief executive, effective 1 January 2021 difficult. Indigenous Australians | 01:28am EST *: *: * Stocks mentioned in the article and market data Analysis... 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