PERTH (miningweekly.com) – The CEO of mining giant Rio Tinto, Sam Walsh, would remain at the company’s helm for the foreseeable future after the company’s board extended his tenure.
Rio CFO Chris Lynch also had his tenure extended.
The two would now transfer to rolling contracts with no end-date and a 12-month notice period, after an annual general meeting in 2015.
Walsh’s initial contract was due to end in December next year, after he took over the leadership position from Tom Albanese early in 2013, with a break clause from October 2014, while Lynch’s initial contract was due to end in February 2017.
Rio chairperson Jan du Plessis said on Thursday that Walsh had made no secret of the fact that he would like to continue beyond his contract, and added that given his performance and enthusiasm for the company, the decision to extend his tenure had been easy.
“In addition, over the past 18 months, Lynch has played a crucial role in working with Walsh and I am, therefore, pleased that we have agreed with both of them to replace their fixed-term retirement dates with long-term, open-ended commitments to the company.”
“The board believes Walsh and Lynch are the best team to lead us into the next phase of the delivery of our strategy,” Du Plessis added.