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Rio Tinto’s CFO to retire

Guy Elliott will leave the UK mining group at the end of 2013.

The British mining group Rio Tinto has announced that its CFO, Guy Elliott, will retire at the end of 2013. Elliott will continue in his role until a successor is appointed and will remain on the boards of Rio Tinto plc and Rio Tinto ltd.

Jan du Plessis, chairman of Rio Tinto, said:

Guy has enjoyed an outstanding career during his 32 years at Rio Tinto, which includes ten years on the board. I would like to thank him on behalf of the Board for his invaluable contribution, particularly in recent years as he helped steer the group through the global financial crisis and back to a position of financial strength.

Tom Albanese, chief executive of Rio Tinto, said:

Guy is a key member of my executive team and I am grateful for his skilful leadership of the group’s finances and strategy during some challenging times. I would like to thank him personally for his wise counsel and support and for his commitment to stay with us for another 18 months to ensure a smooth transition.

Rio Tinto's energy chief executive, Doug Ritchie, will take on the new role of group executive for strategy, effective 1 January 2013. Ritchie, who will be based in London, will be responsible for the group's business development.

Harry Kenyon-Slaney, chief executive of the diamonds and minerals division, will assume the role of energy chief executive in Brisbane, effective 1 September 2012.

Alan Davies, president of international iron ore operations, will become chief executive of the diamonds and minerals division, effective 1 September. Davies will be based in London and will join the executive committee. He will retain responsibility for the Simandou iron ore project.

Albanese added:

Adding a strategy role to the executive committee underlines the priority we place on this key area and on continuity of our strategic direction. Guy has done an excellent job leading the strategy team and there will be a seamless handover to Doug, whose thorough knowledge of the business and experience in this area will be invaluable to both the Board and my executive team.

Doug has a very able successor in the energy product group in Harry, who brings a range of business skills to the role, including direct experience running energy resources of Australia. I welcome Alan to the executive committee, and acknowledge the leading role he has played in developing partnerships with the government of Guinea, Chalco and the International Finance Corporation, and leading the work to develop the Simandou project.