Rio Tinto boss Sam Walsh isn’t going anywhere

Rio Tinto boss Sam Walsh has won the approval of his board, receiving a long-term, open-ended contract to stay in the top spot.

Walsh’s previous contract was for three years, and set to expire at the start of 2016.

Rio chairman Jan du Plessis said Walsh had made no secret of the fact he loved his job and wanted to stay on.

“Given his performance and his enthusiasm to continue in the role, the decision to extend his tenure has been an easy one for the board,” du Plessis said.

The company’s chief financial officer Chris Lynch was also given an open-ended contract.

“Since their appointments early last year, Sam and Chris have led a transformation of the business and established a track record of delivering on their promises,” du Plessis said.

“Rio Tinto has increased cash flows from operations, achieved significant operating cash cost improvements, reduced net debt and refocused capital expenditure on projects with the most compelling returns.”

Walsh said he was pleased to continue as chief.

“I will be ensuring my executive team and our 60,000-plus employees around the world all remain focussed on continuing to deliver outstanding performance for all of our shareholders, driven by improved safety and productivity, value-enhancing growth and disciplined capital allocation.”

Both Walsh’s and Lynch’s remuneration will remain unchanged.

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