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Daniel W. Dienst, its current ceo, will retire on June 30 upon the expiration of his contract. He will also resign from the company’s board of directors.
Sims, the world's largest metal recycler, made the announcement on Thursday February 21 when it posted a net loss after tax of $295.5 million for the half year ended December 31. This was 53.3% smaller than the $633 million loss recorded in the same period a year earlier.
Dienst, who has been at the helm for nine years, said the decision to step down had been made with “mixed emotions” but believed it was the right time to bring the next leader into the organisation in an orderly succession process.
“The board would like to acknowledge the enormous contributions Mr Dienst has made to the company […] including the integration of Metal Management and Hugo Neu and the establishment of the company's beachhead in the mainland Chinese market,” Sims chairman Geoff Brunsdon said.
During the transition period, Dienst will not only continue to be responsible for execution of key elements of the company's strategy, but also be responsible for the implementation of the initiatives the company needs to take in its UK Sims Recycling Solutions business, Brunsdon said. Sims is investigating an over-valuation of inventory at its Long Marston and Newport scrap facilities in the UK, a matter that it considers its highest priority.
Sims Metal Management said it will commence a global search for a new ceo as well as consider internal candidates to ensure a smooth transition at the end of its current chief’s contract.