Rio Tinto: Walsh gets vote of confidence

MINING giant Rio Tinto yesterday gave a vote of confidence in its top two executives by giving them open-ended contracts, with chairman Jan du Plessis praising them for establishing a “track record of delivering on their promises”. The decision comes just weeks after the firm revealed it rejected a potential merger with Swiss mining rival Glencore in July. Chief executive Sam Walsh, who was appointed in January 2013 after the ouster of Tom Albanese, and chief financial officer Chris Lynch will move on to rolling contracts with a 12-month notice period. “Since their appointments early last year, Sam and Chris have led a transformation of the business and established a track record of delivering on their promises,” Du Plessis said. – Sapa-AFP