Harding, who was appointed to the Iron Ore CEO role by Rio Tinto CEO Sam Walsh will leave the company on July 1, the same day as Walsh.

Incoming Rio Tinto CEO Jean-Sebastien Jacques said Harding had held important roles with Rio Tinto in the UK, the US and Australia.

“During his long career with the company he has led our global Iron Ore and Copper businesses, delivering marked performance improvements,” he said.

Harding was also in the vanguard of Rio Tinto’s battles against calls, from the likes of Fortescue Metals Group chairman Andrew Forrest, for an inquiry into the iron ore market.

Besides Harding heading out, Jacques has reshuffled the company’s key portfolios.

There will be four product groups: Aluminium, Copper & Diamonds, Energy & Minerals and Iron Ore. Along with these comes the newly shaped Growth & Innovation group.

Another major change is the promotion of global Health, Safety, Environment and Communities head Joanne Farrell to the role of group executive, Helath, Safety & Environment.

Farrell will be based in Perth and will also become managing director of Rio Tinto’s Australian operations.

Alfredo Barrios will remain chief executive of Rio Tinto’s Aluminium business and stay based in Montreal.

Copper & Diamonds brings together Rio Tinto’s two marketing-led businesses into a single product group to help maximise its underground mining technical expertise.

Aluminium Primary Metal president and CEO Arnaud Soirat will join the executive committee as Copper & Diamonds CEO.

Diamond & Minerals CEO Alan Davies’ portfolio gets reshaped. He loses diamonds to Soirat but gains coal. He also gets uranium, salt, borates and titanium dioxide businesses as well as the Iron Ore Company of Canada. Davies will remain in London.

Growth & Innovation replaces the old Technical & Innovation group that was led by the recently departed Greg Lilleyman. Stephen McIntosh, who had been acting as Technology & Innovation Group will take up the role of Growth & Innovation Group executive. He will be based in Brisbane.

On the corporate finance front Rio Tinto has cut its gross debt by $US3 billion. It bought back $1.25 billion of debt under its Maximum Tender Offer and $1.75 billion under its Any and All Offer.