Rio Tinto is looking for a new chief financial officer after Chris Lynch announced his intention to retire next year.
The Anglo-Australian miner said Mr Lynch, who turns 65 later this month, will step down in September 2018.
“Chris has made an outstanding contribution to the performance of Rio Tinto since he was appointed CFO in 2013 and I would like to personally thank him for his wise counsel and support since my appointment as chief executive. He has committed to remain with the group to ensure a smooth transition,” said Rio chief executive Jean-Sébastien Jacques.
Rumours that Mr Lynch was planning to return to his native Australia have been swirling the mining industry for a couple of months. Rio said it succession planning was already in progress and a replacement for Mr Lynch would be announced in due course.
Mr Lynch’s decision to retire comes as Rio searches for a new chairman to replace to Jan du Plessis, who is also stepping down next year. A successor is expected to be announced before the end of the year.
Mr Lynch, the former chief executive of toll road company Transurban, joined Rio’s board in 2011 and was appointed chief financial officer in 2013.
During that period, Rio, the world’s second-biggest producer of steel-making ingredient iron ore, has slashed has debt and now boasts one of the strongest balance sheets in the sector.
In August, the company announced the biggest interim dividend in its history and said it would spend a further $1bn repurchasing its owns shares.
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