Rio Tinto CEO Resigns On $14B Write-Down

Law360, New York (January 17, 2013, 11:20 AM EST) -- An ill-timed 2007 merger with Canadian aluminum producer Alcan Inc. and a big bet on Mozambique coal cost Rio Tinto PLC's chief his job Thursday, after the mining giant announced a $14 billion write-down related to the two moves.

CEO Tom Albanese is stepping down from his position atop the world's second-largest mining company after two acquisitions that soured, one from a plunging global commodity price and the other from infrastructure challenges in east Africa. He will be replaced by Sam Walsh, the head of Rio...
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