Mongolian businessman nominated CEO of Rio Tinto Group - News.MN

Mongolian businessman nominated CEO of Rio Tinto Group

Mongolian businessman nominated CEO of Rio Tinto Group

The Rio Tinto Group is hunting for a new leader to restore relations with the communities where it mines after Jean-Sebastien Jacques was forced out over the destruction of ancient heritage sites of national importance.

Rio announced on Friday that Jacques and two other senior executives will leave after investors and local Mongolian groups demanded stronger action and accountability over the explosions that tore through the 46,000-year-old landmarks in May. The company had previously planned to only levy financial penalties on the executives but that proved insufficient at a time when investors and activists are wielding increasing clout.

Mongolian businessman B.Bold is seen as one of the leading internal candidates for the top job. The Mongolian is a former investment banker, having worked for JPMorgan Chase & Co. before joining Rio in 2016. He runs the company’s energy and minerals business and also overseas its deal making Ventures Unit. Mr B.Bold is viewed as a strategic thinker whose responsibilities include mapping out which commodities will be crucial to the company’s future.

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