Rio Tinto exec Stephen McIntosh swaps exploration for tech
FTSE 100-listed miner Rio Tinto's head of exploration is swapping this troubled sector for tech and innovation as the commodity rout rumbles on.
Stephen McIntosh has been appointed as acting group chief exec for technology and innovation, succeeding Greg Lilleyman who will leave the firm after a 25-year career there.
McIntosh has been with Rio Tinto for almost 30 years working on projects in more than 45 countries spanning the A-Z of minerals and metals, the company said.
Rio Tinto's shares fell 0.1 per cent to 1,941p per share in early morning trading.
"Stephen is a highly respected member of Rio Tinto's senior leadership ranks and brings to his new role a breadth of experience across multiple commodities and geographies," Sam Walsh, chief executive of Rio Tinto, Said.
"For a long time now, our technology and innovation function has provided a point of strategic differentiation for Rio Tinto and Stephen will spearhead the Group's drive for further productivity improvement across the business."
Rio Tinto recently gave the go-ahead to a $5.3bn (£3.7bn) expansion of the Oyu Tolgoi mine in Mongolia, a key plank in its push to become a global copper powerhouse.
It makes its one of the few big miners willing to underwrite projects at a time when most rivals operate under austerity measures in hopes of riding out one of the worst commodity downturns in decades.