Rio Tinto has appointed its iron ore chief, Simon Trott, as its new chief executive, succeeding Jakob Stausholm effective August 25.
Mr. Trott, a 25-year company veteran, has led the mining giant's largest division since being appointed Iron Ore Chief Executive.
The appointment follows an announcement in May that Mr. Stausholm would step down after leading the company since January 2021.
Rio Tinto Chair Dominic Barton said the board and Mr. Trott are aligned that the company's "next phase is about unlocking significant value for shareholders from our portfolio, driven by operational performance, and cost and financial discipline."
As head of iron ore, Mr. Trott oversaw a division where 2024 production of 328 million tonnes was 1% lower than the prior year, as productivity gains did not fully offset depletion, the company said in a January report.
The company said Mr. Trott's remuneration will include a base salary of 1.34 million British Pounds.
Matt Holcz, currently a managing director in the iron ore business, will serve as interim chief for the division.
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