Rio Tinto CEO Sam Walsh demands focus after $2.9b loss Rio Tinto CEO Sam Walsh has sought to reassure shareholders after the company's $2.9b loss. RECENTLY appointed Rio Tinto chief Sam Walsh plans to make the global miner a nimbler and more responsive business in a bid to get more value for shareholders. In Mr Walsh's first report as chief executive, after Tom Albanese was replaced from the job amid $A14 billion writedown last month, sought to reassure the shareholders the miner's "core strategy... to maximise shareholder value" had not changed. "But under my leadership there will be a change in exactly how we will deliver that strategy," he told reporters. I'm single minded and determined to achieve greater value for shareholders; this commitment will inform all of my decisions and all of the actions we take across the business. To make this happen I've made it clear to my senior team and in fact to every single Rio Tinto employee that I will demand greater focus, greater discipline (and) greater accountability across every part of the group. The new boss said there was room for improvement in all of the global miner's businesses and urged people to look forward. "You can't change the past," he said referring to the massive writedowns, associated with the aluminium and coal businesses that ultimately cost Mr Albanese his job. Mr Walsh called the impairments "instances of poor judgement." Some people have said there is an underlying issue, I don't believe there is," he said. His comments came as the company announced its first full-year loss of $A2.9 billion for 2012 and plans to slash costs by more than $A4.86 billion. Rio Tinto's underlying earnings fell by 40 per cent to $US9.3 billion in the year ending December 31. The company's iron ore business, which was formerly run by Mr Walsh, contributed $9.24 billion to that figure, down from $13.26 in 2011. Mr Walsh said he would use his previous experience to inform his decisions going forward. "The biggest opportunity that I've seen in relation to the business is picking up the leanings from the iron ore business and be able to put that over the entire operation," he said. I know that I waxed lyrically about the operation centre near Perth airport where it is been run in real time optimising the business. In fact the entire iron ore business is being run in real time and I think that's an opportunity to lift that mindset and lift that approach into the broader company making us a far nimbler far more responsive business. Rio Tinto also announced Andrew Harding would replace Mr Walsh as the head of iron ore. Jean-Sebastien Jacques will replace Mr Harding as Rio's Copper chief executive. Rio Tinto shares closed today at $72.07. The company's results were posted after the market was closed.