Rio Tinto Names Jean Sébastien To Succeed Retiring CEO Sam Walsh

(RTTNews) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) chief executive Sam Walsh will retire from the business on 1 July 2016 and will be succeeded by Copper & Coal chief executive Jean-Sébastien Jacques. Jean Sébastien, will join the board and become deputy chief executive with immediate effect.

During more than three years on Rio Tinto's executive committee, Jean-Sébastien has brought greater focus to the copper and the coal businesses. Prior to joining Rio Tinto, Jean-Sébastien worked for more than 15 years across Europe, South east Asia, India and the United States in a wide range of operational and functional positions in the aluminium, bauxite and steel industries. He served as group strategy director for Tata Steel Group from 2007 to 2011.

On 1 July 2016, Sam will also retire as a director after almost seven years on the Rio Tinto board.

Chris Salisbury is appointed acting chief executive of the Copper & Coal product group and will attend the Rio Tinto Executive Committee in this capacity. The rest of the executive team remains unchanged.

Jean-Sébastien Jacques will be on a standard Rio Tinto executive contract, which includes a 12 month notice period. He will receive a remuneration package that is in line with our remuneration policy and benchmarked against FTSE30 and other international mining companies.

In his capacity as deputy chief executive, Jean-Sébastien will receive a remuneration package including:A base salary of £800,000; Target annual bonus opportunity at 120 per cent of base salary.

With effect from 2 July, as chief executive, his remuneration package will include a base salary of £1.08 million; Target annual bonus opportunity at 120 per cent of base salary.

Sam Walsh will remain as chief executive and a member of the Rio Tinto board until he retires on 1 July 2016.

He will continue to be paid in accordance with his existing contractual remuneration arrangements until his retirement date.

Payments after his termination date will include:Payment of A$1.4 million, being his base salary for the remainder of his contractual notice period which will be just less than nine months.