In an unexpected announcement, mining giant Rio Tinto (ASX, LON, NYSE:RIO), the world’s second largest miner, said Thursday its chief executive, Sam Walsh, would retire on July 1 and that Jean-Sébastien Jacques, the copper and coal division boss, would take the reins of the company.
Walsh, who has led the Anglo-Australian group for just over three years and overseen a cost-cutting drive as the mining sector faces plunging commodity prices, will leave Rio’s board at the same time.
Investors welcomed the change, sending shares up 4.7% in London at around 1:00 pm GMT and 3.7% in New York.
More to come …
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