Tom Albanese

From Powerbase
Jump to: navigation, search
Mining-alcans-60px.jpg This article is part of the Mining and Metals project of Spinwatch

Tom Albanese was CEO of mining company Rio Tinto from 2007 until 17 January 2013 when he resigned after a £9 billion write-down of its assets following a series of bad deals. [1] In 2011 Albanese was rated the fifth-highest earning CEO of the FTSE 100.[2]


The "Directors' Pay Report 2011" by IDS revealed that Tom Albanese earned £11,623,162 as CEO of Rio Tinto in the year till June 2011, making him the fifth-highest earning FTSE 100 CEO of the year.[2]

Voluntary bonus waive

In February 2012 Tom Albanese announced his intention to waive all entitlement including salaries, bonus and benefits for the year because Rio Tinto's profits had fallen 'on his watch' due partly to the expensive acquisition of Alcan. In 2011 he made $2.97m from Rio Tinto. [3]



  1. Emma Rowley, Rio Tinto CEO Tom Albanese out over $14bn write-down, The Telegraph, 17 Jan 2013 16 7:00PM GMT, acc same day
  2. 2.0 2.1 Directors' Pay Report 2011 (2011), IDS, London. See also: Stephen Foley, 'Business as usual: top directors get 49 per cent pay rise', The Independent, 28 October 2011, accessed 30 November 2011
  3. Simon Bowers., Thursday 9 February 2012 Rio Tinto's Tom Albanese says that he doesn't want a bonus Accessed 21/02/2012