DUMPED Rio Tinto boss Tom Albanese
We like to get our children to aspire to a good respectable job. Proud positions like any of the emergency services, lawyer, military, retail shop manager, teacher, etc. Times have long changed when such positions were of high regard. No dear parent, these jobs are no longer what our children should aspire too.
Let’s look at the man pictured above, former boss of Rio Tinto, Tom Albanese. The article does not give much of a story. It was looking at the front page of the hard copy of the Sydney Morning Herald which stated that Tom Albanese lost Rio Tinto a tidy sum of $14 million through a business decision to develop a coal project in a developing country in Mozambique. A failed project which lost him his job.
That’s sounds like the right decision to do, dear parent for any person who loses their boss money should not be seen as competent in their position. I am sure that you, like me, would expect that some kind of criminal charge may be around the corner. After all, if you’re losing money out of the till you are in charge off, you might be investigated.
So here is why we as parents should encourage our little blighters to become CEO’s of mega rich multinational companies. You see, Tom Albanese did lose his job for being incompetent but he also walked out with a major payout. This article linked, in isn’t very clear. The hard copy dated 18 January, 2013 claimed that Tom Albanese was awarded $18.8 million dollars.
Not a bad way to be an incompetent employee. Become a boss of a huge company, lose them shit loads of money and get paid out shit loads more money than the amount you lost them.
DUMPED Rio Tinto boss Tom Albanese – who once declared Australia a high-risk country for business – took home more than $30 million during his five-year tenure as chief executive.
Mr Albanese, who was axed from the top job on Thursday, will depart the Anglo-Australian mining giant after nearly six years in the role.
In 2010, Mr Albanese hit the spotlight when he said the federal government’s proposed resource rent tax posed a bigger sovereign risk for the company than any of its projects in developing countries. ”From my own perspective, this is my No. 1 sovereign risk issue on a global basis,” he said during the dispute between the government and mining companies over the proposed 40 per cent profits tax.
Ultimately, it was a coal project in a developing country – Mozambique – that cost Mr Albanese his job.