Australian-British mining company Rio Tinto has appointed Jakob Stausholm as chief financial officer, succeeding Chris Lynch.
Stausholm recently stepped down as chief financial officer for international shipping giant A.P. Moller-Maersk, after being a part of the company since 2012.
Before joining Maersk, Stausholm had financial positions for more than 20 years within oil giants such as Royal Dutch Shell and Statoil, now Equinor.
Jean-Sebastien Jacques, chief executive of Rio Tinto, said: “I am delighted Jakob is joining Rio Tinto and I look forward to working closely with him as we continue to deliver superior returns to our shareholders.”
“The experience he has gained in various senior financial and strategy roles globally will be invaluable, as will his deep knowledge of both the resources and logistics industries.”
Stausholm said: “I am truly excited to be joining Rio Tinto and look forward to working with J-S and the executive team to ensure Rio Tinto continues to outperform its peers and maintain the financial discipline instilled under J-S and Chris's leadership."
He will be taking over the role when current chief financial officer Chris Lynch steps down in September after spending five years in the role.
Lynch, who is originally Australian, became chief financial officer of Rio Tinto in 2013 and will be retiring from the company on 3 September.
Jacques said: “I would also like to acknowledge Chris's outstanding contribution to Rio Tinto. He leaves Rio Tinto a stronger company than when he started in 2013.”
“Rio Tinto has the strongest balance sheet in the sector, and Chris has helped embed a disciplined focus on costs and capital allocation. On a personal level, I will greatly miss his wise counsel, good humour and support, and I wish Chris and his family the best of luck for the future.”
Tyler Broda from RBC Capital Markets believes that Stausholm is a “solid choice”.
“His previous energy experience will also have provided significant experience to natural resources. The appointment of an executive from outside the mining industry should be taken positively by investors, in our view, as the industry continues to try and improve its long-term capital allocation track record,” he said.