Rio Tinto has named Simon Trott as chief executive following the surprise exit of Jakob Stausholm, tasking the company veteran with steering the miner during a period of industry consolidation. The FTSE 100 company said Trott, who heads Rio ’s iron ore business, would take the top job on August 25.

The businessman will succeed Jakob Stausholm at the top of the mining giant and said he would focus on lowering costs and improving asset performance.

Rio Tinto on Tuesday named Simon Trott, the head of its iron ore division, as its new chief executive officer, replacing Jakob Stausholm, who announced his intention to step down in May. Trott, a more than 20-year veteran at the world's biggest iron ore miner,