Rio Tinto Shuffles Management; Spin-Off Rumored

(RTTNews) - World's second largest mining company Rio Tinto announced a major shake up in top ranks. There are also rumors in the air that it is planning a spin-off.

Jean-Sebastien Jacques, who will soon be replacing Andrew Harding as CEO, ordered for revamp of its four key business divisions, namely Aluminium, Copper & Diamonds, Energy & Minerals, as well as Iron ore.

Chris Salisbury will be the new chief executive of Iron Ore based in Perth. He has been acting as Copper & Coal chief executive. Arnaud Soirat is named the new chief executive of Copper & Coal, based in London. Alan Davies, who was chief executive of Diamonds & Minerals has given responsibility of Coal, Uranium, Salt, Borates and Titanium as chief executive of Energy and Minerals.

Joanne Farrell will be the group executive of Health, Safety & Environment, based in Perth. He will also serve as Managing director of Australia. Alfred Barrios will continue to be the chief executive of Aluminium business.

Iron ore chief executive Andrew Harding will leave the company, effective July 1, after 25 years of service.

Jean-Sébastien Jacques said "In the face of testing times for the industry, Rio Tinto is performing remarkably well. Our ambition is to deliver superior performance day-in and day-out so that we create value for our shareholders and communities now and over the long term."

In May last year, mining giant BHP Billiton Ltd. Has announced the de-merger of its Manganese, Coal, Alumina and Nickel assets to create South32 Ltd. The shares of the de-merged company were distributed to BHP Billiton Ltd and BHP Billiton Plc shareholders and trading independently.