Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) said chief executive Jakob Stausholm would step down later this year once a successor is named, with a formal search for his replacement now underway.
The announcement came unexpectedly, just five years into a tenure that typically lasts six.
Stausholm took over in 2021 during a period of crisis following the destruction of the 46,000-year-old Juukan Gorge rock shelters, which led to the departure of his predecessor, Jean-Sébastien Jacques.
During his time in charge, Stausholm was credited with repairing key stakeholder relationships, advancing major projects including Oyu Tolgoi in Mongolia, and restoring ties with China’s Chinalco.
Potential internal candidates are reported to include chief commercial officer, Bold Baatar, head of iron ore, Simon Trott, and aluminium chief Jérôme Pécresse.
However, analysts said the company may need to look externally, particularly with BHP also expected to enter the CEO market.
The move follows Rio’s recent $900 million lithium partnership with Chile’s Codelco.