shutterstock_268923917

Sims Metal Management announces CEO departure

Sims Metal Management Limited has announced the departure of its managing director and group chief executive officer Galdino Claro, appointing Alistair Field as his successor.

The international metals recycling company also revealed the departure of its chief financial officer Fred Knechtel, with the appointment of Amit Patel as acting group CFO.In making the announcement, Sims Metal Management chairman Geoff Brunsdon said, “I would like to acknowledge the contribution Galdino has made through his leadership over the past four years to the development and implementation of the transformation strategy. Under his leadership, the company has made substantial progress.”

“With our five-year strategic plan nearing completion, I am excited to have Alistair leading the Company through the next phase of its development with the business being well placed to leverage its strengthened market position. The board and I are very confident in the outlook under Alistair’s leadership.” Mr Brunsdon did not comment on Mr Knechtel’s departure.

Mr Field has been with Sims Metal Management since October 2015, and previously held the position of managing director of the company’s ANZ metals division. According to Sims, Mr Field has more than 25 years of experience in the mining, manufacturing, and logistics industries.

Mr Patel has been with Sims Metal Management since 1997 and has held his current position of group chief accounting officer since 2008. He has nearly 30 years’ experience in finance and accounting.

John Glyde succeeds Mr Field as the new managing director of Sims’ ANZ metals operations. Mr Glyde has been with Sims Metal Management for over 20 years, working in senior leadership roles across the business in both Australia and the US.

Sims announced that Mr Field and Mr Patel will commence their roles with immediate effect. Mr Field will be based in the company’s New York headquarters.

On 25 August, Sims Metal Management plans to report its results for the fiscal year ended 30 June 2017. Based on preliminary unaudited financial information, the company expects underlying earnings before interest and tax (Ebit) to be between AUD180m to AUD185m. In the previous fiscal year, the company’s underlying Ebit stood at AUD58m. Net cash as of 30 June 2017 is expected to be about AUD370m.