Former Rio Tinto CEO's Remuneration Rose 20% Last Year Despite Destruction of Cultural Site in Australia

By Adriano Marchese

Ousted Rio Tinto PLC Chief Executive Officer Jean-Sebastien Jacques's remuneration increased in 2020, a year which the company said was overshadowed by its destruction of a 46,000-year-old cultural heritage site in Western Australia.

The mining giant's chief resigned in September after pressures from investors and senior leaders about the destruction of two ancient rock shelters in Australia's minerals-rich Pilbara region in May.

However, in 2020, the executive's total remuneration rose 20% to 7.2 million pounds ($10.1 million), according to the company's annual report, which was published Monday.

The increase came primarily from the CEO's long-term incentive program awards, which rose to GBP3.6 million from GBP2.3 million the previous year, and included a significant share price appreciation, to GBP3.3 million from GBP557,000.

In mid-December, the company appointed its chief financial officer, Jakob Stausholm, as its next CEO. Mr. Stausholm assumed the role on Jan. 1.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

February 22, 2021 09:49 ET (14:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.