LONDON (AP) -- Rio Tinto PLC said Monday that the chief executive of its Montreal-based subsidiary Rio Tinto Alcan will retire on April 20 after the company's annual general meetings.
Rio Tinto said Dick Evans will be replaced by Jacynth Cote, currently president and CEO of primary metal at the company.
To ensure a smooth transition, Evans will transfer executive responsibilities to Cote on Feb. 1, the company added.
Cote, who joined Alcan in 1988, takes the top job amid a string of spending cuts and layoffs across the mining industry as demand for metals slows.
Rio Tinto Alcan said in December that it was pulling its investment out of a $7 billion Saudi Arabian aluminum project due to the weakening global economy. It said it would not be an equity partner with Saudi Arabian Mining Co., commonly known as Ma'aden, opting instead to provide technical assistance and support.
The Rio Tinto group has said it would cut 14,000 jobs worldwide, around 12.5 percent of its work force, and reduce capital investment as part of new measures to reduce its debt, blaming slowing economic conditions.
Rio Tinto's shares were down 2.2 percent 1,594 pence ($23.73) in midafternoon trade on the London Stock Exchange.
