Tom Albanese wasted little time in making a big move as chief executive of Rio Tinto. The 49-year-old American was named last December as the successor to Leigh Clifford, the mining company’s former chief executive, and moved into the top job in May. Little more than two months later he has announced an agreed $38 billion takeover of Alcan of Canada to form the world’s largest aluminium producer.
Mr Albanese, who received a $3.4 million pay package last year, studied mineral economics and mining engineering at the University of Alaska before joining Nerco Minerals. He had worked his way up to chief operating officer of Nerco by the time the company was taken over by Rio Tinto in 1993. Born in New Jersey, his time with Rio Tinto has taken him around the globe. After Nerco’s takeover he ran an Alaskan gold, silver, zinc and lead mine for the combined group, and went on to develop Rio Tinto’s joint venture exploration agreement with Norilsk Nickel in Russia.
He also worked on the company’s investments in La Granja in Peru and Oyu Tolgoi copper mine in Mongolia. He first moved to London in 1995 as group exploration executive. Three years later he was transferred to the US to work on the Bingham Canyon copper mine in Salt Lake City. When Rio Tinto bought a majority stake in North, the Australian company, in 2000, he moved again, this time to Melbourne as managing director.
Mr Albanese returned to London in 2004 as chief executive of Rio Tinto’s industrial minerals group and was promoted to the Rio Tinto board in March 2006. By July he had been named director of group resources.
A speedy dealmaker who has travelled vast distances for his career, he relaxes on his narrowboat Buona Vita. Mr Albanese fell in love with England’s canals, originally used to shift raw materials and finished goods during the Industrial Revolution, on a holiday with his wife, and happily spends his leisure time travelling at four miles an hour along the country’s waterways. (Christine Seib)