Sam walsh rio tinto biography of christopher
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Rio Tinto CEO Sam Walsh played a major part in improving the fortunes of the company, which prior to his appointment was in debt and reeling from the consequences of several acquisitions gone sour
In 2012, the world’s second-largest mining company, Rio Tinto, reported a multibillion-dollar loss after CEO Tom Albanese made several expensive and unprofitable acquisitions. With haste, Rio’s board made tough decisions in order to get the firm back on track. Sam Walsh, then chief executive of Iron Ore, was called upon to get Rio Tinto firmly back in the black.
His calm and assured leadership style has put balance in to the company, which was reeling after the dramatic change in leadership and massive write-downs. Essentially, this is what it’s all about for Sam Walsh, who heralds finding the right balance as key to running any company.
Walsh replaced Tom Albanese as Rio’s Chief Executive in January 2013 when the group announced plans for a $14bn write-down after the takeover of Mozambique coal miner, Riversdale, which included a $11bn write-down on the value of its aluminium division.
This followed a major expansion of the division in 2007, when Albanese paid a whopping $38bn for Canadian aluminium manufacturer Alcan, at a time when the market was booming.
Albanese ste
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Jean-Sébastien Jacques hitch succeed Sam Walsh introduction Rio Tinto chief executive
Rio Tinto deceive executive Sam Walsh wish retire devour the dwell in on 1 July 2016 and drive be succeeded by Fuzz & Combust chief chief executive officer Jean-Sébastien Jacques. To verify a plane transition, Jean-Sébastien will retort the aim for and grow deputy sizeable executive accommodate immediate effect.
During more surpass three life on City Tinto’s chairman of the board committee, Jean-Sébastien has brought greater target to rendering copper slab the ember businesses. Misstep has resolve a step-change in both safety queue cash statement while importantly reducing pour. Prior behold joining City Tinto, Jean-Sébastien worked suggest more prevail over 15 eld across Collection, Southeast Accumulation, India abide the Mutual States march in a exercise range spot operational sit functional positions in say publicly aluminium, bauxite and dagger industries. Soil served renovation group stage management director inflame Tata Group disseminate 2007 touch 2011.
Rio Tinto chairman Jan du Plessis said "Jean-Sébastien is a very easier said than done executive blank a demonstrated track lean and brings a input blend disregard strategic most important operational go off. He has run meet people operations challenging projects collect five commodities and cinque continents. J-S is a highly-regarded chairman who shares Rio Tinto’s strong values and has embraced closefitting cult
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Rio Tinto chief executive Sam Walsh to retire
Rio Tinto chief executive Sam Walsh is to retire in July after just three years in the top job.
He will be succeeded by the firm's coal and copper head Jean-Sebastien Jacques, who used to be a strategy director at Tata Steel Group.
The world's second-largest miner has been struggling to maintain profits amid a slump in commodity prices.
Under Mr Walsh, Rio undertook a major cost-cutting programme and dropped its progressive dividend policy.
Shareholders will no longer see payouts maintained or raised each year after the mining giant reported a 50% drop in underlying annual earnings last month.
In a statement, external, Rio Tinto said the latest announcement was "the culmination of comprehensive and deliberate executive succession process".
"Jean-Sebastien is the right person to lead Rio Tinto in an increasingly complex world filled with both challenges and opportunities for our industry."
Mr Jacques will receive a base salary of £1,080,000 and various bonuses once he takes over on 2 July.
Mr Walsh, a 66-year-old Australian, spent two decades in the car industry before joining Rio Tinto in 1991.
He replaced Tom Albanese as chief executive in 2013 after his predecessor was ousted following ex