Rio Tinto has appointed Jakob Stausholm as its new chief executive officer, effective 1 January 2021.

Mr Stausholm joined Rio Tinto as an executive director and chief financial officer in 2018.

Prior to joining Rio Tinto, he was group chief financial officer of AP Moeller–Maersk.

Before that, he was chief financial officer of the global facility services provider ISS.

He spent two decades with Royal Dutch Shell in numerous financial positions globally and as Chief Internal Auditor for the group.

Mr Stausholm’s remuneration package will comprise the following elements:

• A base salary of £1,150,000 ($2.1 million).

• An annual bonus with a target of 100 per cent of base salary and a maximum of 200 per cent (unchanged).

• A long-term incentive plan (LTIP) award of up to 400 per cent of base salary.

• The company pension contribution will reduce from currently 25 per cent of base salary to 14 per cent of base salary on appointment.

• Mr Stausholm’s current car and fuel allowance will be removed on appointment.

• Other benefits which include company provided health care coverage, and eligibility to participate in the all-employee share plan remain
unchanged.

• The minimum shareholding requirement will increase to 400 per cent of base salary.