Rio Tinto announced on Thursday that CEO Jakob Stausholm will step down later this year after nearly five years in the role. The company confirmed that Stausholm will remain at the helm until a successor is appointed, with a formal selection process now underway. Internal candidates expected to be considered include Chief Commercial Officer Bold Baatar, head of iron ore Simon Trott, and aluminium division chief Jerome Pecresse. Investors have indicated that Rio Tinto may also look externally, especially as other major miners, such as BHP, are likely to compete for top executive talent this year.
Stausholm took over as CEO in January 2021, following the departure of Jean-Sebastien Jacques in the aftermath of the Juukan Gorge rock shelter destruction. During his tenure, Stausholm focused on repairing relationships with stakeholders, advancing major projects such as the Oyu Tolgoi copper mine in Mongolia, and realigning Rio Tinto’s strategy toward growth in critical minerals for the energy transition. Under his leadership, the company has also made substantial investments in lithium, including a recent $900 million partnership with Chile’s Codelco for the Salar de Maricunga project.
Rio Tinto’s board described this as a natural moment for leadership transition as the company prepares for its next phase, emphasizing continued focus on operational performance and strategic priorities. Stausholm, who joined Rio Tinto in 2018 as CFO, said it had been a privilege to lead the company and expressed confidence in its future trajectory.
The announcement surprised some market observers, as Stausholm’s tenure was expected to last longer. Rio Tinto shares fell slightly following the news.
