John Varley has resigned as a non-executive director of Rio Tinto after being charged with fraud today.
Rio Tinto said Varley, who joined the board in 2011 and also chaired the remuneration committee, will step down with immediate effect.
"I am very grateful for John’s outstanding contribution over the five or so years he has been on the board. The board holds him in the highest regard and will miss his valuable insight," said Rio Tinto chairman Jan du Plessis.
"Personally, I am not only losing a senior independent director, but a close colleague, whose wisdom and support I am going to miss tremendously. On behalf of the board I wish John the very best for the future."
A selection for a new senior independent director and remuneration committee chair will be made in due course, Rio Tinto said.