Jakob Stausholm, the CEO of mining giant Rio Tinto, will step down later this year, the company announced on Thursday, marking a surprise move. Stausholm, who led the company through a period of significant cultural and strategic transformation, will remain in his role until a successor is named.Rio Tinto did not specify the reason for Stausholm’s departure, saying only that the succession process is already underway and this was deemed “a natural moment” for leadership change. Analysts, however, expressed surprise at the timing and lack of a clear rationale.“This news comes as a big surprise, and in our view was not expected,” said Richard Hatch, an analyst at Berenberg. “It does not feel that natural to us.”Stausholm took the helm in late 2020 following the destruction of the Juukan Gorge Aboriginal heritage site in Western Australia, an incident that triggered widespread condemnation and led to the resignation of his predecessor. One of his first major actions as CEO was to commission a comprehensive review of the company’s workplace culture, which exposed systemic issues, including racism, bullying and harassment.Under his leadership, Rio Tinto committed to improving its environmental, social and governance (ESG) standards and pivoted toward future-facing minerals, most notably lithium. The company has made several strategic investments in battery metal, including the Rincon project in Argentina, a $6.7 billion acquisition of US-based Arcadium Lithium, and a $900 million investment in the Maricunga lithium project in Chile through a partnership with Codelco.“We had expected Mr Stausholm to remain with the company and drive the integration of the lithium business, so his exit comes as a surprise,” Hatch added.The company has yet to name a successor, but internal candidates reportedly include chief commercial officer Bold Baatar, head of iron ore Simon Trott, and aluminium division head Jerome Pecresse. However, the board is also expected to conduct an external search.The process may be further complicated by speculation that BHP CEO Mike Henry could also be stepping down soon.
