FT News Briefing Rio Tinto’s surprise CEO hunt
48 snips
May 28, 2025 US stocks surged after positive trade news from President Trump, boosting investor sentiment. Meanwhile, McKinsey announced a significant layoff of 10% of its workforce to enhance profitability. Asian currencies also saw gains amid optimism for US trade deals. In a major shift, Rio Tinto is seeking a new CEO after the exit of Jakob Stausholm, focusing on candidates with mining experience. Additionally, Rio Tinto's massive investment in lithium projects highlights its positioning in the electric vehicle market.
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Asian Currencies Rally On Trade Bets
- Asian currencies like the Korean won, Japanese yen, and Taiwan dollar have rallied due to investor bets on US trade deals involving currency agreements.
- These currency appreciations reflect expectations of less central bank intervention and asset repatriation linked to trade negotiations with the US.
McKinsey Cuts Amid Market Pressure
- McKinsey cut 10% of its staff in the past year and a half, marking one of its largest job cuts ever.
- The cuts reflect broader market slowdowns and threats from AI automation in consulting tasks.
Rio Tinto Seeks Mining Expert CEO
- Rio Tinto asked CEO Jakob Stausholm to step down early due to the need for a CEO with stronger mining expertise.
- Stausholm was initially appointed to restore the company's image after cultural controversies but lacked mining operational experience.