US EditionHeads Roll at Rio Tinto as Miner Rings in Major Changes
Rio Tinto consolidates operations into iron ore, copper, and a combined aluminium-lithium division to enhance accountability and shareholder value, following leadership changes.
- Simon Trott assumed the role of chief executive at Rio Tinto on August 25 and promptly introduced a significant reorganization of the company’s operations and leadership structure.
- Trott's restructure aims to simplify the company into three core units—iron ore; aluminium and lithium; and copper—focusing on the most profitable assets amid cost pressures.
- Matthew Holcz was appointed to lead the unified iron ore division, consolidating operations in Western Australia, Canada, and Guinea's Simandou project.
- Trott called the employee's workplace death at Simandou heartbreaking and expressed his commitment to gaining full understanding to ensure a similar incident does not occur in the future.
- The overhaul includes ending the Australia chief executive role held by Kellie Parker, welcoming additional duties for Jerome Pecresse and Bold Baatar, and reviewing non-core borates and titanium assets.
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Does Macquarie rate Rio Tinto shares a buy, hold or sell after its big news?
Rio Tinto Ltd (ASX: RIO) shares are a popular option for investors seeking exposure to the mining sector. But are they a good option right now? Let's see what Macquarie Group Ltd (ASX: MQG) is saying about one of the world's largest miners. What is the broker saying? Macquarie notes that Rio Tinto has announced a major restructure, which changes its executive leadership team and moves assets. One change is the disbandment of the minerals divisio…
Coverage Details
Total News Sources15
Leaning Left3Leaning Right2Center2Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 29%
R 29%
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