London-based mining company Rio Tinto (LON:RIO) PLC (LSE:NYSE:RIO) announced on Tuesday the appointment of Jerome Pecresse, former CEO of General Electric (NYSE:GE) Co's Renewable Energy, as the new chief executive of its aluminium business.
Pecresse, a French citizen with over 30 years of business experience, will officially take his position on October 23. He replaces Ivan Vella, who announced his departure in June for a new role outside the company after serving Rio for two decades.
Pecresse's hiring follows a successful tenure at GE Renewable Energy, a position he assumed after GE's acquisition of France's Alstom (EPA:ALSO) SA's energy activities in 2015. Prior to the acquisition, Pecresse led Alstom's Renewable Energy business.
In a statement about the appointment, Rio Tinto Chief Executive Jakob Stausholm said, "Jerome brings a wealth of experience across renewable energy, mining, business development and strategy, ideal for shaping our industry leading aluminium business for a low carbon future."
Pecresse expressed his enthusiasm about joining Rio Tinto and the opportunity to continue building a stronger and more sustainable global aluminium business. "We have a key role to play in delivering on Rio Tinto’s strategy and supplying materials needed in a low carbon world," he said.
Notably, Rio Tinto shares were trading up 0.6% at 5,030p on Tuesday morning following the announcement. Over the past 12 months, the company's stock price has risen by 5.7%.
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