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New chair named at Rio Tinto
LONDON — Rio Tinto, the world's third largest mining company, said Wednesday that its chairman will step down and be replaced by Tata Steel Deputy Chairman Jim Leng.
Rio Tinto said Leng would immediately join as chairman designate and assume the top post when its current chairman, Paul Skinner, retires from the company's boards after its annual general meeting in April.
Leng has been deputy chairman of India's Tata Steel Ltd. since Corus Group was acquired by Tata in 2007. He is also chairman of Tata Steel Europe, a position he has held since 2003.
"I am absolutely delighted to be joining Rio Tinto and taking up the chairmanship. Rio Tinto has a superb set of assets and strong prospects," Leng said.
Under Skinner, Rio Tinto fended off an unwanted takeover by BHP Billiton Ltd. in November. Rio Tinto consistently opposed the BHP's bid, saying it undervalued the company.
Rio Tinto, listed in London, Sydney and New York, acquired Canada-based Alcan Inc. in 2007, making it the world's largest producer of aluminum and bauxite.
The announcement did not halt the slide in Rio Tinto shares, which closed down more than 11 percent at 1,380 pence ($20.17) Wednesday on the London Stock Exchange.
January 14, 2009 12:41 PM EST |
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