Rio Tinto Makes Changes to Senior Management
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Bold Baatar
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Rio Tinto has terminated the contracts of energy and minerals chief executive Alan Davies and legal and regulatory affairs group executive Debra Valentine.
The Rio Tinto board reviewed findings to date of an internal investigation into 2011 contractual arrangements with a consultant who provided advisory services on the Simandou project in Guinea.
The board’s decision does not pre-judge the course of any external inquiries into this matter. However, the board concluded that the executives failed to maintain the standards expected of them under our global code of conduct, the way we work. In the circumstances, the board terminated the contracts of both executives.
Rio Tinto previously contacted the regulatory authorities in the United Kingdom, Australia and the United States about the matter and intends to fully cooperate with any subsequent inquiries.
Alan Davies will be replaced by Bold Baatar, who will join the executive committee as energy & minerals chief executive.
Bold Baatar held a number of senior investment banking roles with JP Morgan before taking on chief executive positions with a gold mining company and a diversified investment management business in Mongolia. He joined Rio Tinto in 2013 as copper international operations president and is the managing director of marine and vice president iron ore sales and marketing.
“Appointing Bold to run our energy & minerals business will add a fresh perspective to the product group. Bold brings broad international and executive experience in a wide range of commercial disciplines. He has a proven track record and will be a great addition to our ExCo, particularly with his strong strategic approach and acute understanding of Asia,” said J-S Jacques, chief executive of Rio Tinto.
Chief financial officer Chris Lynch has temporarily assumed accountability for the corporate legal & regulatory affairs function.
About Rio Tinto
Rio Tinto is a leading global mining and metals company. Their focus is on finding, mining and processing the Earth’s mineral resources in order to maximize value for shareholders.
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