Rio Tinto (RIO) announced Thursday that CEO Jakob Stausholm would be stepping down later this year after leading the mining and minerals provider since January 2021.

The British-Australian company explained that Stausholm will stay on the job until a successor is named. Rio Tinto added that a "rigorous selection process is already underway, led by the Nominations Committee."

Chair Dominic Barton praised Stausholm's leadership in boosting the company's relationship with key investors, portfolio, management team, and growth trajectory. However, Barton noted this is "a natural moment to appoint Jakob's successor, as we look ahead to our next phase in which we will double down to deliver greater operational performance to realise the full potential of our assets."

Stausholm said he and his team have "built on Rio Tinto's historic strengths to deliver profitable, stable growth and significant shareholder value."

Stausholm has driven efforts to expand the company's operations, including 澳洲幸运5官方开奖结果体彩网:acquiring lithium miner Arcadium last October for $6.7 billion.

U.S.-listed share🐭s of Rio Tinto were down about 1% Thursday morning but are ne🃏arly 5% higher higher year-to-date.