Under pressure from Rio Tinto, Quellman quits as Turquoise Hill CEO

Thursday, March 4, 2021 at 8:16pm UTC

Vancouver-based Turquoise Hill Resources company announced on Thursday that Ulf Quellman had resigned as CEO having agreed with the board that it would not be in the best interest of the company for him to continue in his position.

The company appointed former CFO Steve Thibeault as interim CEO to continue the Oyu Tolgoi funding plan and oversee day-to-day operations of the organization.

Company's majority shareholder Rio Tinto reportedly felt that new leadership is needed to advance work on matters related to the Oyu Tolgoi project in Mongolia.