Let’s find out.
The post Reshuffle: Why is the Rio Tinto (ASX:RIO) share price sliding today? appeared first on The Motley Fool Australia. –
Shares in ASX resources giant 力拓集团 (ASX: RIO) are on the move today and are now trading less than 1% down at $97.58.
Whilst there’s been no price-sensitive updates from Rio today, it did announce the successor of its current chair, Simon Thompson.
Effective 5 May 2022, Thompson will step down as Rio’s non-executive chair after a tenure of 4 years, having first joined the board back in 2014.
Who is set to be Rio’s new chair?
Following Thompson’s departure, the board has elected Dominic Barton to succeed as the company’s new chair. Barton will join the board in April and then step into the role from May.
Rio says that Barton, a Ugandan-born Canadian, has spent over 30 years at McKinsey & Company, including nine as the Global Managing Partner and six as Asia Chairman. Most recently, he has been Canada’s Ambassador to
China since 2019.
Rio says he brings a “wealth of global business experince having advised clients in a range of industries, including banking, consumer goods, high tech and industrials, as well as a deep insight of geopolitics, corporate sustainability and governance”.
Barton has previous experience as a Chair of Teck Resources, a non-executive director at Singtel Group and a non-executive director at Investor AB. He has held various public sector leadership positions, including Chair of Canada’s Advisory Council for Economic Growth and Chair of the International Advisory Committee to the President of South Korea on National Future and Vision.
As such, the release notes that Barton’s “business acumen and public sector insights position him to provide critical guidance and oversight to Rio Tinto’s leadership team during a pivotal time for the company”.
Speaking on the announcement, Barton said that “it is a great honour to succeed Simon as Chair of Rio Tinto. Returning to the private sector, I am excited to join a company with world-class people and assets as it navigates a shifting competitive landscape and seeks to emerge as a leader in the climate transition”.
The search for the new Chair was jointly led by senior Rio authorities’ Sam Laidlaw and Simon McKeon. The process sought candidates with the attributes, experience and skills that shareholders expected in the new chair.
These included proven experience of managing highly complex, cross-border relationships with multiple stakeholders; a strong track record of working in Asia and emerging markets; a commitment to the highest ESG standards; and a proven ability to lead a board and act as a mentor to the executive team, per the release.
Speaking on the announcement, Jakob Stausholm, Rio Tinto Chief Executive, said:
I am delighted with the choice of Dominic, who I believe brings exactly the skills and experiences that we in Rio Tinto need. I am truly looking forward to working with Dominic in our effort to continue to strengthen Rio Tinto, in particular drawing on his wealth of experience across Asia in both a business and diplomatic capacity. I would like to thank Simon for his dedication to Rio Tinto and the support and counsel he has provided, and continues to provide, to me during a period of transformative change.
Rio Tinto shares have battled this year and are down over 16.5% in the last 12 months after falling 14% this year to date. In the past month, they have reversed course and are up over 8% in that time.
The post Reshuffle: Why is the Rio Tinto (ASX:RIO) share price sliding today? appeared first on The Motley Fool Australia.
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The author has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.