Rio CEO Jumps With No Golden Parachute After Losing $14 Billion
This article is for subscribers only.
Tom Albanese will leave Rio Tinto Group without a cash windfall, forgoing his bonus for a third straight year after failed deals in aluminum and coal saw him relinquish control of the world’s second-biggest mining company.
Albanese resigned as chief executive officer after Rio said it will take about $14 billion of writedowns. He won’t get a short-term performance bonus for 2012 or 2013, or any lump-sum payment upon leaving, the London-based company said. He’ll go with about 10.7 million pounds ($17 million) of share options.