Investopedia: Rio Tinto Looks To Make A Fresh Start

Apparently there's only so much even a generally passive board of directors can take before it feels the need to do something. Rio Tinto (NYSE:RIO) has announced a large impairment charge for 2012 and the replacement of its CEO - both largely tied to unsuccessful and wasteful expansion /capital allocation strategies. Now it is up to new management to chart a new path and improve returns in a more uncertain commodity climate.

Change at the Top
While the phrasing of the press release from Rio Tinto was sanitized and generic, I don't believe it is a stretch to suggest that Rio Tinto chose to fire Tom Albanese, its CEO of nearly six years. Certainly, Albanese's performance during his tenure gave cause to make a move.

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