The Board of Directors of Sims Metal Management Limited announced Thursday that, Daniel W. Dienst, the company's Chief Executive Officer, will retire effective June 30, 2013 upon the expiration of his contract following nine years in the position. Dienst will resign from the company's Board of Directors at the same time.
As well as considering internal candidates, the Board, with the assistance of Dienst, will commence a global search for a new CEO with the objective of ensuring a smooth transition at the conclusion of Dienst's contract.
Board of Directors Chairman Geoff Brunsdon said, "The Board would like to acknowledge the enormous contributions Mr Dienst has made to the Company during the nine years he has been Chief Executive Officer, including: the integration of Metal Management and Hugo Neu, major improvements to the safe working environment of its 6,600 employees, and the establishment of the Company's beachhead in the mainland Chinese market. More recently, Mr Dienst has been driving a vigorous program of cost reductions, portfolio optimization and performance improvements in response to the continued challenging economic environment in our key markets. We are grateful for his tireless service and dedication to meeting the constant demands of a company which operates 24 hours a day."