Fri. Nov 18th, 2022

Stausholm will on January 1 become chief executive of a company that is financially thriving but culturally scarred by the events of the past few years, particularly 2020.
The repair job awaiting the 52 year old has many layers and on Thursday he made clear that rebuilding trust with traditional owners in Rios iron ore heartland will be among his top priorities.
Rebuilding Rios reputation with the broader Australian public will also be a long and important journey, but BHP has proved its possible, having rebuilt its brand significantly in the five years since it was involved in the death of 19 people at Samarco in Brazil.
Then theres Canberra.
The three loss-making aluminium smelters that Rio runs on Australias eastern seaboard shape as a big opportunity to win brownie points with a federal government that is desperate to save jobs and revive local manufacturing in the wake of this years mammoth economic shocks.
If the Morrison government holds concerns about Stausholms lack of Australian experience, then it was not evident in resources minister Keith Pitts public comments on Thursday evening.
I congratulate Jakob Stausholm on his appointment as Rio Tinto Chief Executive, he said.
Rio Tinto is a key player in the Australian resources sector and I look forward to working with him to ensure the continued growth of the industry that is a significant contributor to the national economy.
Mr Stausholms experience in senior roles in the industry, including two years with Rio Tinto, place him in a good position to guide the company through the challenges ahead as we emerge from the COVID pandemic.
Investors responded to the appointment with open minds, even though Stausholm has only been on deck at Rio for two years.
We are comfortable with Jakobs appointment to the CEO role, said Camille Simeon from Aberdeen Standard Investments.
We have met him a few times over the years and [are] comfortable that he has the skills and experience that are required.
The big industry super funds were silent on Stausholms appointment this week, but after their vocal role in bringing down his predecessor Jean-Sebastien Jacques, Rio would probably settle for silence.
While he is not a big name in Australia and does not have extensive experience here, Stausholm does know people in high places down under.
Friendships with Wesfarmers chairman Michael Chaney and former ANZ chairman Charles Goode were the product of his two years on the board of Woodside Petroleum between 2006 and 2008.
Stausholm was in his late thirties at the time and living in Singapore; monthly visits to Perth for Woodside board meetings gave him a small taste of the extraordinary changes the China boom was bringing to the city that claims to be the worlds most isolated.
Those were the days when it was common to wait 90 minutes for a meal in a Perth restaurant and six weeks for a car to be serviced because of the extraordinary pull of labour to the mines up north.
Perth is home to more Rio employees than any other city on earth, meaning Stausholms towering frame will be an increasingly common sight along the citys main drag, St Georges Terrace.
For now he remains at his summer house in Denmark, where surging coronavirus infections have forced a strict lockdown over the Christmas and New Year period.
A desire to ensure Stausholms plan for the company was explained to and embraced by key members of Rios team is understood to have been behind the decision to avoid a major press conference to mark his appointment.
While unusual, that approach is not unique in this most abnormal year; Glencores Gary Nagle was conspicuous by his absence earlier this month on the day he was announced as Ivan Glasenbergs replacement.
Two weeks on, Nagle hasnt appeared for interviews nor photo shoots.
Stausholms appointment completes a year that has delivered new blood at the top of Australias three biggest mining employers; BHP, Glencore and Rio.
The circumstances of Mike Henrys steady rise to the top of BHP could hardly be more different to Stausholms sudden and surprising emergence at Rio, but the two men engage with stakeholders in a similar way.
Rarely the loudest voice in the room, they bring a reserved and humble presence to an industry that has stereotypically been the domain of alpha males.
So how do you celebrate a massive promotion when in lockdown?
Word has it that Stausholm headed out into the Danish forest for a two hour orienteering run, a sign of his passion for endurance sports.
Rio shareholders will be hoping his moral compass works as well as his magnetic one.