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Rio Tinto extends CFO’s contract

BRITISH MINING COMPANY Rio Tinto has extended the contract of it CFO Chris Lynch, along with that of chief executive Sam Walsh, it has been confirmed.

Walsh, whose contract was due to end on 31 December 2015, with a break clause from 31 October 2014, and Lynch, whose contract was due to end on 28 February 2017, will both transfer to open-ended contracts with no end dates and a notice period of 12 months. They will change to these new contracts in 2015.

In 2012, Lynch stepped up to the CFO role after long-serving finance chief Guy Elliott relinquished the post following more than 30 years with the extractor.

Rio Tinto chairman Jan du Plessis said: “For quite some time, Sam has made no secret of the fact that he loves his job and would like to continue well beyond next year.

“Given his performance and his enthusiasm to continue in the role, the decision to extend his tenure has been an easy one for the board. In addition, over the past 18 months, Chris has played a crucial role working with Sam and I am therefore pleased that we have agreed with both of them to replace their fixed-term retirement dates with long-term, open-ended commitments to the company.”

Rio Tinto confirmed that no changes had been made to either’s remuneration packages.

Rival firm Glencore made a merger bid earlier this year, but was rebuffed, although many analysts have speculated that a new bid might be made in six months.

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