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Retirement Of Group CEO

Stocks in this article: SMS

NEW YORK and SYDNEY, Australia, Feb. 21, 2013 (GLOBE NEWSWIRE) -- The Board of Sims Metal Management Limited (ASX:SGM) (NYSE:SMS) (the "Company") announced today that, Daniel W. Dienst, the Company's Chief Executive Officer, will retire effective 30 June 2013 upon the expiration of his contract. Mr Dienst will resign from the Company's Board of Directors at the same time.

The Chairman Mr 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 optimisation 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."

Mr Dienst said, "I make this decision with mixed emotions; it has been a rare privilege to lead such a dedicated group of employees committed to building the largest, safest and most sustainable metals and electronics recycling company in the world. After nine years as Chief Executive Officer I believe now is the right time to bring the next leader into the organisation in an orderly succession process."

Mr Brunsdon said, "During this transition period, the Chief Executive Officer will continue to be responsible for execution of key elements of the Company's strategy; namely to continue to consolidate our position in markets where we have a number one or two position, reduce our overall operating costs and exit those business where we do not have a sustainable competitive advantage. Mr Dienst will also be responsible for implementation of the initiatives the Company needs to take in our UK SRS business."

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