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.