CSR
(ASX:CSR) will push ahead with its planned demerger, despite news that the company’s Chief executive Jerry Maycock is stepping down at the end of next month.
Yesterday, CSR announced that Mr Maycock will be replaced by non-executive director and former Sims Metal Management boss Jeremy Sutcliffe as interim chief executive.
The Australian newspaper says that Sutcliffe will start from the 1st of April on a $1.3 million package.
Mr Maycock was expected to leave at the completion of the demerger, but the company’s board has allowed him to stay on despite the split being blocked by the Federal Court earlier this month.
The Court decision was on the basis of concerns that a new CSR might struggle to pay compensation to asbestos victims in the future.
Mr Sutcliffe said his first priority would be the demerger and CSR's appeal before three Federal Court judges in Sydney on March 29 and 30.
CSR posted a $326 million loss in net profit after tax in 2009.
