Roula Khalaf, the Editor of the FT, selects her favorite stories in this weekly newsletter. Rio Tinto has appointed Bold Baatar as chief commercial officer, solidifying his position as a potential future CEO. Baatar, who joined Rio in 2013, helped turn around the underground expansion of the Oyu Tolgoi copper mine in Mongolia. He will take over from Alf Barrios in September, overseeing the company’s global commercial and business activities. Analysts see Baatar as a strong candidate to eventually succeed Jakob Stausholm as CEO, alongside other contenders like Simon Trott and Peter Cunningham.
Baatar, a former investment banker at JPMorgan, is known for his ability to solve complex problems with governments and partners. He will continue to oversee the delivery of the Simandou iron ore mine in Guinea, as well as take on business development. Stausholm has been praised for his steady leadership at Rio, especially in the aftermath of controversies surrounding cultural issues and environmental concerns. Under Stausholm’s leadership, the restructuring of Oyu Tolgoi was successfully completed, with Baatar playing a key role in the process.
The appointment of Baatar as chief commercial officer comes after Rio Tinto faced criticism from investors at its annual general meeting for its environmental record. The Norwegian sovereign wealth fund, a significant shareholder in Rio, considered divesting due to deforestation linked to the Mineração Rio do Norte bauxite mine in Brazil. Rio stated that while it is not directly involved in the operation of the mine, it is committed to improving its environmental and social performance. The company will continue to work towards meeting industry best practices and shareholder expectations in this regard.
Rio Tinto’s CEO Jakob Stausholm has been instrumental in steering the company through challenges related to cultural issues and environmental concerns. Baatar’s appointment as chief commercial officer positions him as a potential successor to Stausholm. Baatar’s background in investment banking and his success in the mining industry make him well-suited to help Rio Tinto achieve its strategic goals and grow with discipline. As Rio Tinto continues to address environmental and social issues, the company remains focused on improving its performance and meeting stakeholder expectations.
Analysts view Bold Baatar as a strong contender for the role of Rio Tinto’s CEO in the future, given his track record of success and leadership in the mining industry. Alongside other potential candidates like Simon Trott and Peter Cunningham, Baatar’s appointment as chief commercial officer reinforces his position as a frontrunner for the top job. As Rio Tinto works to rebuild its reputation and address environmental concerns, Baatar’s role will be crucial in delivering the company’s strategy and driving sustainable growth. Stakeholders will be closely watching Baatar’s performance in his new role as he prepares to take on greater responsibilities within the company.
