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News Summary: Rio Tinto CEO Departs

By The Associated Press

EXECS EXIT: The CEO of mining giant Rio Tinto PLC and another senior executive are stepping down after the company announced a $14 billion write-down from its aluminum business and an acquisition of a Mozambique coal company.

COAL FACTS: The company said that developing infrastructure in Mozambique was more challenging than expected, and it had also downgraded its estimates of recoverable coal volumes.

INCOMING: Departing CEO Tom Albanese and Doug Ritchie led the Mozambique acquisition. They'll stay on till July 16 to help with the transition to new leadership. Sam Walsh, head of the iron ore division, becomes chief executive.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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