Shares in Rio Tinto have risen 2% after the company announced its chief executive Tom Albanese would be replaced with iron ore head Sam Walsh.
Albanese has stepped down due to impairment charges on its aluminium and coal businesses. The company said the move came about through “mutual agreement”.
The company’s shares were sitting at $65.93 after the market opened, and continued rising through the morning. They sat at $66.45 at 11.55 AEST.
The business’s aluminium division has been in trouble for several years, following the acquisition of Alcan in 2007.
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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