Rio Tinto has announced changes to its board with a number of directors stepping down as part of a restructuring process.
Simon Henry and Martina Merz have both stepped down as directors with Henry serving on the board since 2017. Sharon Thorne replaces Henry with Merz focusing on building innovation ecosystems as well as her other supervisory and advisory board positions.
Susan Lloyd-Hurwitz joins the company’s sustainability committee to replace Merz and is known for her “transformational leadership” on cultural change, gender equity and diversity and inclusion.
Ben Wyatt also joins the board as a senior independent director, focusing on UK-based operations – a job performed by Thorne – with a focus on Australian board engagement.
The size of Rio Tinto’s board, during what’s described as a transitional period, peaked at 14, but the company is moving to a smaller team to “simplify and streamline the organisation to drive greater accountability and safe, sustainable profit growth”.
Announced in August, the company announced it will simplify its product group structure to three businesses, iron ore, aluminium and lithium and copper, with leadership positions also being altered to “drive excellence…and maximise competitive advantages and growth potential”.
“A simplified business structure, grounded in our fundamental commitment to safety and with sharper focus on the most compelling opportunities we have, will enable us to deliver new standards of operational excellence and value creation. It will bring greater accountability and focus to our teams, underpinned by a more disciplined approach to operational performance and capital investment,” Rio Tinto chief executive Simon Trott said.
“We have delivered resilient results this year, remain on track to deliver strong mid-term production growth, and continue to make progress against our objectives. Our focus now is on unlocking further shareholder value, putting both our capital and talent where it will deliver the greatest returns.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
