Rio Tinto has named its copper and coal division head, Jean-Sébastien Jacques, as its chief executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore.
Walsh, 66, was placed at the helm three years ago after the abrupt ousting of Rio’s then boss Tom Albanese. A former auto industry executive, Walsh was elevated from the iron ore division he ran. He was considered a safe pair of hands to steer the company at a time when it was battling the fallout of a string of costly investments gone sour.
While Walsh did drive down production costs of Rio’s main commodity iron ore, the company ran into troubled waters with the toughest mining downturn in decades and slumped to a net loss for 2015. Most recently, bowing to pressure from investors and rating agencies, he scrapped Rio’s long-standing dividend policy, which it had promised never to cut.
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