Tom Albanese has paid the price for a string of failures at Rio Tinto, stepping down as chief executive following $14bn in writedowns at the Anglo-Australian group’s aluminium and coal businesses.
Rio said yesterday it would write down the value of its aluminium assets by $10bn-$11bn, mostly related to its disastrous $38bn purchase of Canada’s Alcan in 2007. It will also take a $3bn charge over coal assets in Mozambique, purchased two years ago for $3.7bn.
Mr Albanese will be replaced by Sam Walsh, head of Rio’s iron ore division – its biggest and most profitable business.
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