Investing.com-- Shares of Rio Tinto Ltd (ASX:RIO), the world’s largest iron ore miner, declined on Friday following the company’s announcement that Chief Executive Jakob Stausholm will step down later this year.
The Sydney-listed stock fell 1.4% to A$116.88 in early trading, underperforming the broader S&P/ASX 200 index, which rose 0.3%.
Stausholm, who took the helm in January 2021 amid the fallout from the Juukan Gorge destruction, led efforts to rebuild trust and diversify the miner’s portfolio. His tenure included the $6.7 billion acquisition of Arcadium Lithium and progress on major projects like Simandou in Guinea and Oyu Tolgoi in Mongolia.
"A rigorous selection process is already underway, led by the Nominations Committee," the company said on Thursday, without stating further information.
Losses in Rio Tinto (NYSE:RIO) shares were partially capped as the company, in a separate announcement, said that Chile’s state-run ENAMI selected the miner for a 51% stake in the Altoandinos lithium project, marking a strategic win as the company expands its presence in energy transition metals.
London-listed shares of the company closed 1.3% lower on Thursday.