Consistent with succession plans already in place, Sims Metal Management Limited announced today that the Chairperson of its Board, Mr Paul Varello will retire as Chairperson on 1 March 2012, and Mr Geoff Brunsdon will be appointed to serve as his successor.
Mr Brunsdon (age 54) has served as a non-executive director of the Company since November 2009 and as Deputy Chairperson since September 2011. He was a member of the predecessor Board of Sims Group Limited from 1999 to 2007. He has a finance background and was formerly, until June 2009, Managing Director and Head of Investment Banking of Merrill Lynch International (Australia) Limited, and is chairperson of Metlife Insurance in Australia.
Mr Varello has served as Chairperson of the Company since August 2009 and as a non-executive director since 2005. Mr Varello will remain a non-executive director of the Company until his retirement at the conclusion of the Company’s Annual General Meeting on 15 November 2012.
Mr Brunsdon said, “It is a great honor to be appointed as Chairperson and I am grateful for this opportunity to provide leadership to our Board and the senior management team. Paul Varello is a trusted colleague and friend and on behalf of the Board and our entire Company I would like to acknowledge his leadership through extraordinary times and thank him for his years of service to the Company.”Mr Varello stated, “It is with a tremendous sense of accomplishment as well as a degree of nostalgia that I prepare myself for retirement and the Company for a new chapter in its growth strategy. I am proud to leave the Company as a safer, more diverse, and sustainable company than when I joined. We have been through two significant mergers and a global financial crisis, but we have remained true to our ideals - to demonstrate an unwavering commitment to safety, the environment and our local communities while maximising returns for shareholders. I look forward to the future of this great Company with tremendous expectations and am confident that Geoff will lead this Company to an even higher plateau. I would like to thank the directors of the Company with whom I have had the pleasure to serve and the great management team and employees who have contributed so strongly to our achievements over the years.”