Anglo-Australian miner Rio Tinto announced Thursday its chief executive officer, Jakob Stausholm, will step down later this year and a process to hire his successor is underway.

Stausholm joined the group in 2018 as executive director and chief financial officer, becoming ceo in January 2021. He has reset the firm’s strategy to align growth to energy transition opportunities and shaped a pathway to a decade of profitable growth.

Rio says the executive will maintain its current role, plus his place as a board member, while a successor is appointed. A “rigorous” selection process has started, the company adds, without disclosing when a new appointment could be made.

“Under Stausholm’s leadership, Rio Tinto has restored trust with key stakeholders, aligned our portfolio with the commodities where demand growth is strongest, built a diverse and talented management team, and set a compelling growth trajectory,” comments chair Dominic Barton.

Lithium has become a major priority for the miner, which recently announced a $900 million investment in Chile’s Maricunda lithium project, Kallanish notes. The company plans to develop the brine project with Chilean state-owned Codelco. The project follows the acquisition of Arcadium Lithium and a $2.5 billion final investment decision for the Rincón project in Argentina, for which it has qualified to receive incentives under the RIGI package (see related story).

“Our focus on these things is undiminished and our strategic priorities are unchanged,” adds Barton. “This is a natural moment to appoint Jakob’s successor, as we look ahead to our next phase in which we will double down to deliver greater operational performance to realise the full potential of our assets.”

“It has been an absolute privilege to lead Rio Tinto, one of the great mining and materials companies in the world,” notes Stausholm. “I know the company will continue to thrive long into the future.”