REG - Rio Tinto - Rio Tinto appoints Simon Trott as Chief Executive

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RNS Number : 0912R  Rio Tinto PLC  15 July 2025

 

Notice to
ASX/LSE

 

Rio Tinto appoints Simon Trott as Chief Executive

15 July 2025

 

The Board of Rio Tinto has appointed Simon Trott to succeed Jakob Stausholm as
Chief Executive, with effect from 25 August 2025.

 

Simon, currently Iron Ore Chief Executive, has a track record of exceptional
delivery over 25 years in roles across a wide range of commodities and
geographies, with a strong focus on values-based performance culture and
strengthening partnerships with stakeholders.

 

As Iron Ore Chief Executive, Simon has strengthened the business and improved
operational performance, underpinned by safety and financial discipline; reset
partnerships with key stakeholders; and secured the future growth of the
business with new mine developments.

 

Previously, as Rio Tinto's first Chief Commercial Officer, Simon established
the Group's Commercial operations, unlocking efficiency and deepening
strategic customer relationships. Prior to this he held Managing Director
roles across multiple Rio Tinto commodities and geographies.

 

Rio Tinto Chair Dominic Barton said: "Simon is an outstanding leader with a
deep understanding of mining and a track record of delivering operational
excellence and creating value across our business. Simon and the Board are
aligned that Rio Tinto's next phase is about unlocking significant value for
shareholders from our portfolio, driven by operational performance, and cost
and financial discipline.

 

"Simon came into our Iron Ore business at a time of significant challenges and
has been instrumental in rebuilding culture, strengthening external
relationships and setting us on a pathway for growth. Under his leadership,
Iron Ore has become a centre of innovation for the Group, driving operational
excellence, technology and operating model optimisation - levers Simon can now
bring to Rio Tinto at scale.

 

"I want to again recognise Jakob's significant contribution to Rio Tinto at a
critical time in its evolution. Under his leadership we have rebuilt
relationships with key stakeholders, aligned our portfolio with the
commodities where demand growth is strongest, and set a compelling growth
trajectory."

 

Rio Tinto Chief Executive Designate Simon Trott said: "It is a privilege to
have the opportunity to lead Rio Tinto, and I am excited about our future. The
progress we have made over recent years gives us a foundation to build on with
discipline and focus to deliver improved performance. With our outstanding
assets and people around the world, we are well positioned to grow value for
shareholders and the communities who host us.

 

"I want to personally thank Jakob for his leadership and guidance; I have
greatly enjoyed working with him. As we move forward at pace, I will be
listening closely to our shareholders, customers, employees, communities and
other stakeholders to shape our next chapter together."

 

Reflecting on his tenure as Chief Executive, Jakob Stausholm added: "It has
been an absolute privilege to lead Rio Tinto for nearly five years, during an
important chapter in its history. Working together, our brilliant people
across the Group have built genuine momentum, setting out a pathway to a
decade of profitable growth. As the Chief Executive of our largest business
during this time Simon has been an integral part of the journey; I am certain
that under his leadership the Group will continue to thrive and deliver value
for its stakeholders."

 

The search process for the new Chief Executive was led by the Nominations
Committee, chaired by Dominic Barton, and the appointment decision was made by
the full Rio Tinto Board. The process built upon routine succession planning
work the Board has undertaken over a two-year period and included potential
internal and external candidates.

 

Jakob Stausholm will step down as Chief Executive and from the Board of
Directors upon Simon assuming the role.

Matt Holcz, currently Managing Director, Pilbara Mines at Rio Tinto, will be
providing interim support in the Chief Executive Iron Ore role until a
permanent appointment is made.

 

This announcement contains inside information.

This announcement is authorised for release to the market by Andy Hodges, Rio
Tinto's Group Company Secretary.

 

 

Additional information

 

Simon Trott

 

Simon will be on a standard Rio Tinto executive director contract, which
includes a 12-month notice period. He will receive a remuneration package that
is in line with our Remuneration Policy.

 

With effect from 25 August 2025, as Chief Executive, Simon's remuneration
package will include:

 

·      A base salary of £1,340,000.

·      Participation in incentive plans consistent with the Remuneration
Policy.

·      Other benefits will be provided as standard including a company
pension benefit of 14% of base salary and relocation support.

Simon has not held any directorship in any other publicly listed companies
during the previous five years.  There are no further details to be disclosed
pursuant to UKLR 6.4.8.

 

Jakob Stausholm

 

In accordance with Section 430(2B) of the Companies Act 2006, payments made or
to be made after he steps down as a director (less any required tax
withholdings) include:

 

·      under his contractual terms, Jakob has a 12-month notice period
and he will continue to remain entitled to base salary and benefits during
this period. Jakob will remain eligible for consideration of an annual bonus
in respect of 2025, with outcomes determined following the end of the
financial year. Any approved award would be paid fully in cash at the normal
payment date in March 2026. He will not receive any annual bonus in respect of
2026;

·      LTIP awards under the Equity Incentive Plan (EIP) will continue
to vest on their normal vesting dates with no accelerated vesting, subject to
the rules of the relevant plan and the Remuneration Policy.  Performance
Share Awards will be subject to performance testing and pro-rating in
accordance with the rules of the EIP and the Remuneration Policy;

·      payment in lieu of accrued but unused annual leave will be paid
on separation;

·      a contribution to legal fees incurred in connection with the
cessation of his employment capped at a sum of £20,000 plus VAT; and

·      other benefits to be provided following cessation of employment
include outplacement support and tax advisory services.

 

All the payments and arrangements described above are in accordance with
relevant plan rules and Rio Tinto's Remuneration Policy published in the 2023
Annual Report at www.riotinto.com (http://www.riotinto.com) .

 

The 2025 Directors' Remuneration Implementation report will contain details of
all remuneration payments described above.

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

 

 

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