Rio Tinto’s Walsh set to retire

Sydney – Rio Tinto’s chief executive Sam Walsh, who led the firm through a painful commodity price plunge, is to retire and be replaced by Frenchman Jean-Sebastien Jacques in July, the mining giant said on Thursday.

Walsh, who has helmed the Anglo-Australian firm for just over three years and overseen a cost-cutting drive as the mining sector battles through tough times, will also depart Rio’s board at the same time.