Rio Tinto (RIO) chief executive Sam Walsh is to leave in July, after three years in the top role and almost seven years on the board. News that he will be succeeded by copper and coal chief executive Jean-Sébastien Jacques was greeted warmly by the market, which pushed the miner's shares up by 5 per cent on the day it was announced.
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Analysts interpreted the appointment as a signal that a period of steady financial management will now make way for expansive growth and a de-prioritisation of the Anglo-Australian miner's steel operations. Canaccord Genuity forecasts adjusted cash profit of $9.6bn (£6.7bn) this year, giving EPS of $1.32, against $12.6bn and $2.49 in 2015.
