Newspaper article International New York Times

Rio Tinto Names New Chief as Sector Struggles

Newspaper article International New York Times

Rio Tinto Names New Chief as Sector Struggles

Article excerpt

Jean-Sebastien Jacques will succeed Sam Walsh as chief executive of the mining giant, which faces the worst downturn in the sector in nearly two decades.

The British-Australian mining giant Rio Tinto said on Thursday that its chief executive, Sam Walsh, would retire on July 1 and that Jean-Sebastien Jacques, chief executive of its copper and coal division, would take the reins of the company, which faces the worst downturn in the sector in nearly two decades.

Rio Tinto, the world's second-biggest mining company, after BHP Billiton, bowed to pressure from investors and credit ratings agencies this year and scrapped its payout policy, under which it had promised never to cut its dividend from year to year, to better reflect commodity cycles.

"The board has decided that J.-S. is the right person to lead Rio Tinto in an increasingly complex world filled with both challenges and opportunities for our industry," said Jan du Plessis, Rio Tinto's chairman. …

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