Rio Tinto appoints new aluminum CEO to replace Jacynthe Cote

MONTREAL – Rio Tinto has turned to a European oil and gas executive to head its aluminum division, replacing Quebec-born Jacynthe Cote.

Alfredo Barrios, 48, will assume his duties on June 1 while Cote will remain an adviser until Sept. 1. The 56-year-old trained chemist will be leaving to spend time with one of her three daughters who is fighting cancer.

Barrios, who’s from Spain, will move to Rio Tinto Alcan’s headquarters in Montreal and be joined by his wife and three children.

Prior to his appointment, Barrios was executive director of the joint venture TNK-BP, one of Russia’s biggest oil and gas companies, where he was responsible for refining, trading, supply, logistics, and marketing businesses.

He has a degree in physics, a PhD in energy economics from the University of Cambridge and a master’s degree in management from Stanford University in the United States.

Rio Tinto (NYSE:RIO) chief executive Sam Walsh said Barrios will bring “renewed vigour and experience” to the aluminum business, which has struggled amid falling prices since its US$38.1 billion acquisition in 2007.

“I am confident he will build on the foundations Jacynthe and her team have put in place and drive further improvement in delivering increased value from the business,” Walsh said in a statement on Tuesday.

Walsh praised Cote, who spent 26 years at Alcan, including nearly six as chief executive.

“The ongoing improvement in the performance of the Aluminium business is testimony to her commitment to the business throughout her career.”

Neither Barrios nor Cote was giving interviews, a company spokesman said.

But in an internal note to employees, Cote thanked everyone for working together to transform the aluminum group after going through the worst years in the aluminum industry.

“Together we accomplished a transformation of the aluminium group which we can all be proud of,” she wrote.

“Indeed, our group performs much better, and the market begins to show signs of improvement…We are not ‘out of the woods,’ but at least we can see some light.”

Cote said Rio Tinto Alcan is the best aluminum company in the world with the best margins and best development options. But she told employees that difficult decisions had to be taken that negatively affected many employees and communities.

Although there’s never a good time for transitions, she said the aluminum group is in a stronger position with a strong team.

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