Mining giant Rio Tinto has announced that CEO Jakob Stausholm will step down later this year, ending a tenure of more than four years marked by efforts to rebuild trust and reshape the company following a major cultural and reputational crisis.
Stausholm took on the chief executive role in January 2021 after the company faced global condemnation for the destruction of 46,000-year-old Aboriginal rock shelters at Juukan Gorge in Western Australia. His appointment followed the resignation of former CEO Jean-Sébastien Jacques in the wake of the scandal.
Rio Tinto chair Dominic Barton praised Stausholm for helping to restore the company’s reputation and strengthen key relationships. “Jakob has restored trust with key stakeholders, aligned our portfolio with high-growth commodities, built a diverse and talented leadership team, and positioned Rio Tinto for future success,” Barton said.
The company has confirmed that Stausholm will remain in his role until a successor is appointed. A comprehensive selection process, led by the board’s nominations committee, is already underway. Simon Trott, Rio’s Perth-based iron ore chief executive, is considered among the potential candidates.
Earlier this month, Stausholm was in Perth for Rio Tinto’s annual general meeting, where the board faced pointed questions from Robe River Kuruma woman Deanna McGowan. She challenged the company on its continued water usage and called for the promised modernisation of the Robe River land use agreement—another lingering issue related to the Juukan Gorge incident.
Stausholm responded by reiterating the company’s commitment to minimising the environmental impact of its iron ore operations and noted that Rio is investing in a desalination plant as part of those efforts.
Having joined Rio Tinto in 2018 as chief financial officer after previous roles at Shell and Maersk, Stausholm became CEO in 2021 amid a pivotal moment for the company.
Reflecting on his time in the role, Stausholm said: “It has been an absolute privilege to lead Rio Tinto. We have built on the company’s historic strengths to deliver profitable, stable growth and significant shareholder value. I know Rio Tinto will continue to thrive long into the future.”
