Rio bosses axe bonus on aluminium loss

Anglo-Australian miner Rio Tinto said on Thursday that its top executives will not take a bonus this year following an $8.8bn hit on its aluminium business Alcan.

The mining giant reported a 50 percent drop in annual net profits to $5.8bn compared to $14.32 the year before.

Rio CEO Tom Albanese took full responsibility and announced he will forgo his bonus, saying: As the acquisition of Alcan happened on my watch, I felt it only right not to be considered for an annual bonus this year.”

CFO Guy Elliott has also refused a bonus.

Aside from the issues at Alcan, Albanese informed shareholders it was a good result with revenues climbing to $60bn.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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