Rio Tinto in shake-up as chief financial officer set to retire

City A.M. Reporter
ANGLO-AUSTRALIAN miner Rio Tinto said yesterday chief financial officer Guy Elliott would retire at the end of next year, and that the company would be creating a new position to oversee the group’s strategy.

Elliott, a 32-year veteran of the company, was finance director when Rio Tinto made its ill-fated $38bn (£24.6bn) takeover of Alcan in 2007. He announced six months ago that he would not take his annual bonus because of that deal, which nearly crippled the company. The new position overseeing group strategy and business development will be taken on by Doug Ritchie, currently the head of the group’s energy division. Ritchie starts the London-based role in January next year. Diamonds and Minerals head Harry Kenyon-Slaney will assume the Brisbane-based role of Rio Tinto Energy chief executive from 1 September 2012. He will be replaced by Alan Davies, who currently heads Rio Tinto Iron Ore International Operations and who will also join the executive committee.