Rio Tinto appoints new chief financial officer and streamlines executive committee

1265
Argyle3 rdax
Argyle3 rdax

Mining giant, Rio Tinto has appointed Chris Lynch as chief financial officer to succeed Guy Elliott, with the move to take effect from 18 April 2013.

Image courtesy of http://www.riotinto.com. Photographer: Christian Sprogoe Photography  Date: 27 July 2009
Image courtesy of http://www.riotinto.com. Photographer: Christian Sprogoe Photography
 27 July 2009

The company revealed Chris Lynch joined Rio Tinto’s boards as a non-executive director in September 2011, and he will continue to remain on the boards as he becomes an executive director and member of the Executive Committee as chief financial officer.

Guy Elliott first announced his intention to retire from Rio Tinto in July 2012, after more than 30 years with the Group. He will remain on the boards until the end of 2013. He steps down as chief financial officer at the conclusion of the Rio Tinto plc AGM in London on 18 April 2013.

Rio Tinto chief executive Sam Walsh said “Chris Lynch is an extremely high-calibre 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. We are fortunate to have appointed someone so well qualified to take over from Guy, and I am grateful to Guy for remaining on the boards until the end of the year.”

Chris Lynch said “This is a wonderful opportunity for me to join Sam’s leadership team and work with him in refocusing the business on pursuing greater shareholder value. I am really looking forward to getting stuck into the challenge and ensuring we deliver on our promises to improve this great business.”

Adertisement

Rio Tinto revealed Chris Lynch will be on a standard Rio Tinto plc contract which includes a 12-month notice period.  He will receive a remuneration package comprising of a base salary of  £800,000 and a target annual bonus opportunity at 120 per cent of base salary.

Sam Walsh is set to streamline his Executive Committee by reducing the number of positions reporting to him from 11 to nine.