Rio Tinto Sacks CEO Tom Albanese, Appoints Sam Walsh

Reuters reported that iron ore giant Rio Tinto has sacked CEO Tom Albanese on Thursday, who will be replaced by Australian Sam Walsh, who heads the company’s iron ore division.

As quoted in the market news:

New Jersey-born, Alaska-trained Albanese had until now survived the consequences of his disastrous $38 billion acquisition of Alcan in 2007, a bruising top-of-the-market deal when Rio was under pressure from rivals to bulk up or be bought.

Click here to read the full Reuters report.