Rio Tinto announced its chief executive Sam Walsh will retire in July.  Although he's had only three years on the job, Mr. Walsh's tenure was marked by a severe downturn in commodities prices, cost cutting, and the end of Rio Tinto's progressive dividend policy.

The change comes as Rio Tinto posted an annual net loss of more than AU$1.1 Billion.  The world's second-biggest mining group has been tightening its belt to combat the fall, and last month announced a further slashing of costs by US$1 Billion this year and another $1 Billion in 2017. 

The 66-year old Aussie spent two decades in the auto industry before joining Rio in 1991.  Mr. Walsh replaced Tom Albanese as chief executive in 2013. 

Succeeding Walsh will be Jean-Sebastien Jacques.  A native of France, he joined Rio's copper business in 2011 from Tata Steel, and was quickly promoted to run the division.  In 2015, Mr. Jacques was also handed responsibility for coal as Mr Walsh made cuts to the executive suites and combined responsibilities.

"Jean-Sebastien is the right person to lead Rio Tinto in an increasingly complex world filled with both challenges and opportunities for our industry," read a statement from Rio Tinto.  He'll face nervous investors who will want a continued emphasis on cost cutting and a conservative approach to mergers and acquisitions.