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The CEO along with two other executives of Rio Tinto resigns due to the destruction of two rock shelters



The CEO of Rio Tinto, Jean-Sébastien Jacques resigned from his position recently after the company was kind of facing a bad time. The company was pressured by the investors because it has apparently blown up a 46,000 year old sacred Indigenous site in Australia. The CEO of the company will be leaving at the end of next March. Most apparently, he will be leaving after the new successor is found. The head of the iron ore business, Chris Salisbury and the group executive for corporate relations, Simone Niven is also leaving the company. Both of the people will be leaving the company at the end of the year.

The stock of the company was down to 1% in the region of Sydney on Friday. The chairman of the company also issued a statement regarding the destruction of two rock-shelters in Western Australia. He said that the incident was clearly wrong. The shelters contained artefacts indicating ten thousands of years of constant human occupation. The chairman also said that nothing like this sort will ever happen again in the company. He was quite sad about the situation and said that they will never give permission to the destruction of heritage ever again.

The employees who are leaving the company will definitely be receiving some types of payment due to their contract. They will also be receiving long-term incentive rewards as per the company. The employees are penalized of 5 million dollars in cut bonuses. The destruction of the shelters took place on 24th May. The company apologised from the public in June. When the company issued the first apology, they did not fire any executive related to the incident. Not firing any of the executives was quite a strange move to make as per the investors. The company was also criticized by the shareholders and stakeholders.

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