PRESS: Rio Tinto wants cost cutter and dealmaker as next CEO? Reuters

Rio Tinto PLC is looking for a new chief executive who will improve productivity and cut costs while also being open to transformative mergers and acquisitions, Reuters reported on Tuesday.

Rio back in May said Jakob Stausholm will step down as chief executive ‘later this year’. Stausholm joined Rio in 2018 as chief financial officer and became CEO at the start of 2021. He continues to lead the London-based miner while a successor is found.

Chair Dominic Barton is leading the search. CEO contenders will present to the Rio board this week, Reuters said, citing two sources. An announcement of a new CEO could come as soon as this month, one source said.

Barton wants a CEO who will sharpen productivity and cut costs and be open to transformative M&A deals, Reuters said, citing ‘two people aware of the chair’s priorities’.

Rio Tinto shares were up 0.9% to 4,293.50 pence in London early Tuesday. It has a market capitalisation of £73.37 billion.

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