Rio Tinto Appoints Former Barclays CEO Varley As Board Member
07 Juillet 2011 - 3:00PM
Dow Jones News
Anglo-Australian miner Rio Tinto PLC (RIO) has appointed John
Varley, the former chief executive of Barclays PLC (BARC.LN), as a
non-executive director to Rio Tinto's board of directors in the
U.K. and Australia, starting Sep 1.
Rio Tinto doesn't have a system for directly replacing board
members but it had been seeking a non-executive director with
strong experience in the financial markets ever since David Mayhew
and David Clementi both retired from the board in 2010.
Varley's career includes 28 years at U.K.-listed, global
financial services provider Barclays, where he spent six years as
chief executive until the end of 2010, and three years as financial
director until 2003.
Varley's boardroom experience includes current non-executive
directorships at pharmaceutical company AstraZeneca PLC (AZN.LN)
and global asset management firm BlackRock Inc. (BLK). He remains a
senior advisor to Barclays and is a member of the International
Advisory Panel of the Monetary Authority of Singapore.
"John Varley is a high-calibre addition to the boards" said Rio
Tinto chairman Jan du Plessis. "Quite apart from John's
broad-ranging skills and experience in banking and financial
markets, his all-round reputation and business judgment will
enhance the boards' existing strengths. I very much look forward to
his joining."
Varley joined Barclays in 1982 and held various positions aside
from CEO and CFO of the group, including chief executive of retail
financial services for two years until 2000, and chairman of
Barclays' Asset Management Division for three years until 1998.
-By Alex MacDonald and Tapan Panchal, Dow Jones Newswires; 44 20
7842 9328; alex.macdonald@dowjones.com