Rio Tinto Appoints Bold Baatar as Chief Commercial Officer
Rio Tinto (ASX, LON, NYSE: RIO) has elevated copper executive Bold Baatar to the position of chief commercial officer, signaling the company’s confidence in him as a potential successor for the top role.
Baatar, who joined Rio Tinto in 2013 and became copper chief in 2021, played a pivotal role in overseeing the successful underground expansion of the Oyu Tolgoi copper mine in Mongolia.
He will assume the commercial post in September, succeeding retiring Alf Barrios, who will depart the company by year’s end.
This move comes as Rio Tinto intensifies its focus on key metals, particularly copper, crucial for the global transition to renewable energy and electric vehicles.
In his new role, Baatar is expected to lead major projects, including the approximately $6.2 billion investment in Guinea’s expansive Simandou iron ore deposit.
Rio Tinto’s CEO Jakob Stausholm praised Baatar’s extensive experience across various geographies, commodities, and markets, highlighting his strong business development skills and ability to foster world-class relationships.
Investors and analysts view Baatar as a leading contender to succeed Stausholm, who took the helm in January 2021 amidst efforts to rebuild trust following controversies, such as the destruction of Aboriginal rock shelters.
While Baatar’s promotion hints at potential succession plans, analysts like Berenberg’s Richard Hatch believe the transition to the CEO role may not happen in the immediate future.
Other potential candidates for the top position include Simon Trott, who leads Rio’s iron ore business, and Peter Cunningham, the company’s CFO.
Barrios will continue serving as CCO until the end of August, transitioning to the role of chair for China, Japan, and Korea before retiring by year-end, Rio Tinto confirmed.
SOURCE:mining.com
