Rio Extends CEO Reign as Miner Builds Glencore Defense

Rio Tinto Group extended the contract of Chief Executive Officer Sam Walsh, backing his leadership as the world’s second-biggest mining company readies its defenses against any new approach from Glencore Plc.

Walsh, 64, whose contract was due to end in December 2015, now has the board’s open-ended endorsement to stay for the “long term,” the London-based producer said today in a statement. Chief Financial Officer Chris Lynch will also have his tenure extended, it said.