Rio Tinto CEO out after billions of dollars spent on failed projects

London — It was a big surprise when London-based Rio Tinto recently announced that Tom Albanese, their long-time Chief Executive Officer, suddenly resigned. Albanese’s resignation was announced after Rio said it was taking some $14 billion in failed company projects, mainly in aluminum and coal. Albanese apparently did not get a severance package, as one British press report said there was not a golden umbrella with his departure.

For the complete article see the 01-23-2013 issue.

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