Rio Tinto has promoted Bold Baatar, it’s chief copper executive, to the position of chief commercial officer, the move being a clear signal that the company regards Baatar as a strong contender for a top leadership role.
Bold Baatar said: “I am thrilled to be taking on my new role at a time when Rio Tinto has so much opportunity to deliver value for our shareholders, customers and partners through the innovation and growth needed to reach net zero. By being ambitious together, we can find new and better ways to create shared value.”
Baatar, who joined Rio Tinto in 2013 and was appointed copper chief in 2021, played a pivotal role in successfully overseeing the underground expansion of the Oyu Tolgoi copper mine in Mongolia. He will assume the commercial post in September, succeeding Alf Barrios, who is retiring at the end of the year.
This decision aligns with Rio Tinto’s strategic focus on key metals, particularly copper, which plays a critical role in the global shift toward renewable energy and electric vehicles.
In his new role, Baatar is expected to lead other major projects, including a substantial US$6.2B investment in the extensive Simandou iron ore deposit in Guinea.
CEO Jakob Stausholm emphasized Baatar’s extensive experience across geographies, commodities, and markets, highlighting his strong business development expertise and commitment to fostering world-class relationships.
Investors and analysts consider Baatar a top candidate to succeed Stausholm, who assumed the CEO position in January 2021. Stausholm has been focused on rebuilding public and investor trust following controversy over Rio Tinto’s impact on sacred Aboriginal rock shelters.
While Berenberg analyst Richard Hatch sees Baatar’s promotion as a potential step toward the CEO role, he does not anticipate an immediate transition.
Other contenders for the top position include Simon Trott, a long-serving Rio Tinto employee leading the iron ore business, and Peter Cunningham, the company’s chief financial officer.
Alf Barrios will continue serving as CCO until the end of August, after which he will transition to the role of Chair for China, Japan, and Korea before retiring.
