Photographer: Taylor Weidman
business

Rio Names Stausholm as CFO to Complete Leadership Overhaul

Updated on
  • Ex-Maersk executive to succeed Chris Lynch in September
  • Stausholm previously worked at ISS, Royal Dutch Shell

Rio Tinto Group named ex-shipping executive Jakob Stausholm as its new chief financial officer, completing a two-year leadership overhaul at the world’s second-largest miner.

Stausholm, who stepped down as CFO of shipping giant A.P. Moller-Maersk A/S in March, will join Rio on Sept. 3 to succeed Chris Lynch, the London-based company said on Tuesday. He joins Chief Executive Officer Jean-Sebastien Jacques, who was promoted in July 2016, and Chairman Simon Thompson, who took the role in March.

Stausholm, 49, has more than 20 years’ experience in senior finance roles in Europe, Latin America and Asia, Rio said in a statement. Before joining Maersk, whose shares slumped on news of his exit, he was CFO of facility services provider ISS A/S, and previously spent 19 years with Royal Dutch Shell Plc.

Under Jacques, Rio has prioritized debt reduction, asset sales and key growth projects, including an expansion of Mongolia’s Oyu Tolgoi copper and gold mine. The company has also boosted returns to shareholders, delivering a record $5.2 billion in dividend payments in 2017.

Lynch, drafted as CFO from Rio’s board in 2013, will retire at the end of September, according to the statement.

— With assistance by Amanda Jordan

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