Rio Tinto taps steel, accounting experts for board

The news: Mining giant Rio Tinto has appointed former ThyssenGrupp boss Martina Merz and Deloitte chartered accountant veteran Sharon Thorne to its board. Merz served as CEO at the steel production conglomerate between 2019 and 2023, overseeing a significant restructuring plan to improve the company's financial performance and focus on key businesses. Her leadership was also marked by a focus on a sustainability, digitalisation and innovation initiatives. Thorne has had a 36-year career with Deloitte and was most recently the professional service giant's global chair before she stepped-down in November.

The context: Rio Tinto has been working to strengthen its portfolio for the decarbonisation of the steel industry. Iron ore typically accounts for more than 80% of Rio's underlying earnings, and demand for the commodity has remained robust in 2023, despite weaker economic growth in top importer China.

What they said: "Martina has extensive leadership experience in handling cyclical businesses, navigating the energy transition and decarbonisation initiatives, and leading innovation and R&D efforts," Rio Tinto chair Dominic Barton said in a statement.