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Report: Rio Tinto scraps appointment of Davis as chair after shareholder revolt

Rio Tinto reportedly scrapped plans to appoint former Xstrata CEO Mick Davis as chairman to replace Jan du Plessis after facing shareholder opposition, Sky News reported Nov. 25.

In March, Rio Tinto announced that du Plessis is retiring from his position to take on the chairman role at BT Group Plc, effective Nov. 1. Davis was identified as a front-runner for the chairman post at Rio Tinto in mid-November.

London's Financial Times reported last week that a group known as the Investor Forum wrote to the mining giant's board expressing concern after reports emerged that Davis was a leading candidate for the chairman post. The London-based forum represents close to 20% of Rio Tinto's shares.

People familiar with the situation told the publication that the shareholders' letter could damage Davis' chances of securing the job.

According to Sky News, several institutional investors indicated plans to oppose the re-election of members of Rio Tinto's nominations committee in 2018, should Davis' appointment materialize.

However, it was unclear whether Davis stepped away from the appointment process after the letter from the Investor Forum emerged.