SINGAPORE Rio Tinto Plc
has named former BHP Billiton Plc chief financial officer Chris
Lynch as its new chief financial officer, the company said Feb.
Lynch will succeed Guy Elliott,
a 32-year veteran of the company who announced his retirement
in July (
amm.com, July 12).
Lynch, who has been serving on
Rios board as a non-executive director since September
2011, will take over the new role effective April 18. He will
relocate to London from Melbourne for the position.
Lynch has previously held
leadership positions at a number of metals companies, including
BHP Billiton and Alcoa Inc. He was also the chief executive
officer of Transurban Group, an Australian toll road owner and
operator with interests in Australia and the United States from
2008 to 2012.
"Chris Lynch is an extremely
high-caliber addition to our executive team with a strong
pedigree of board, mining and financial experience, including
at BHP Billiton where he was chief financial officer and ran
the Carbon Steel Materials division, and 20 years at Alcoa,"
chief executive officer Sam Walsh said.
Recent months have seen several
leadership changes at big mining companies. Rios Walsh
was appointed in January after Tom Albanese stepped down
following write-downs (
amm.com, Jan. 17).
The new chief financial officer
will draw a base salary of £800,000 ($1.21 million) with
a target annual bonus opportunity at 120 percent of his base
salary, the miner said. He will be on a standard Rio Tinto
contract, which includes a 12-month notice period. His
remuneration package will also include an expected value of
long-term share incentive plan opportunity at 210 percent of
base salary in 2013.
Rio Tinto announced its
first-ever full-year loss of $3 billion in 2012 after it took
impairment charges of $14.4 billion related to its aluminum
businesses and coal assets in Mozambique (
amm.com, Feb. 14).
It is taking steps to cut $5 billion in costs by the end of
2014, it said.
A version of this article
was first published by AMM sister publication Metal