Feb. 9 (Bloomberg) -- Rio Tinto Group’s Chief Executive Officer Tom Albanese said he won’t be considered for an annual bonus this year after the company posted a 59 percent decline in net income.

“As the acquisition of Alcan happened on my watch, I felt it only right not to be considered for an annual bonus,” Albanese said today in the company’s earnings statement. The company reported net income of $5.8 billion after a one-time $8.9 billion writedown of its aluminum business.

To contact the reporter on this story: Rebecca Keenan in Hong Kong at rkeenan5@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net