Rio Tinto surprised investors with its announcement that CEO Jakob Stausholm will step down later this year once a successor is appointed, sparking speculation over potential candidates,

Rio Tinto CEO Jakob Stausholm, who in his 4-1/2 year tenure oversaw a big bet on lithium and a cultural overhaul at a firm strongly criticised for workplace toxicity, is to step down, the miner said on Thursday in a surprise to investors.

Rio Tinto chief executive Jakob Stausholm will step down later this year, and the search for a successor is under way, the FTSE 100 mining group said on Thursday. Rio did not give a reason for the unexpected exit of Stausholm, who has led the miner since 2021.