Sim’s Metal Management (ASX:SGM) CEO to retire from board

Company News

by Anna Napoli

Sims Metal Management (ASX:SIM) sitting CEO Mike Kane will not stand for election at the company’s 2019 AGM and will retire from the Board on 4 November 2019.

The company announced the decision today following concerns expressed by some investors about his role as a sitting CEO.

The news comes just weeks after Sims flagged a potential first-half loss of up to $30 million due to a collapse in ferrous metal prices.

The company has thanked Mr Kane for his service.

Shares in Sims Metal Management (ASX:SGM) have fallen by 18 per cent over the last twelve months, on Friday they closed 4.39 per cent higher at $9.76.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.