Mick Davis isn’t being considered for the chairman job at Rio Tinto Group after shareholders revolted against his candidacy.
While Mr Davis was previously a leading candidate, he’s not in the running any longer, according to a person familiar with the matter, who asked not to be identified because the talks are private. Michael Oke, a spokesman for Davis, declined to comment.
The company’s decision was likely influenced by a letter last week sent from shareholders with about 20 per cent of Rio’s UK shares saying the person in the running for chairman was “unacceptable.” While the letter doesn’t name Mr Davis, he was cited by news agencies including Bloomberg as the frontrunner.
“The company should expect a very hostile audience should it choose to pursue this course of action,” Andy Griffiths, executive director of the Investor Forum, a London-based shareholder advocacy group, wrote in the letter dated November 21.
The group listed key attributes for the job, including a track record of “successful, disciplined” capital allocation decisions and “high personal integrity.”
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