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Sims Metal Management CEO Contract Update

Date : 06/01/2012 @ 4:30PM
Source : Business Wire
Stock : Sims Metal Fpo (SGM)
Quote : 11.01  0.16 (1.47%) @ 3:50AM
Sims Metal Management share price Chart

Sims Metal Management CEO Contract Update

Sims Metal Management (ASX:SGM)
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3 Years : From Oct 2011 to Oct 2014

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Sims Metal Management Limited is pleased to announce that the Company and Group Chief Executive Officer Mr Daniel Dienst have agreed that the CEO’s current five-year employment contract which is due to expire on 30 June 2012 will continue until 30 June 2013. The Company has agreed to make a one-off payment to Mr Dienst of US$500,000. If Mr Dienst were to terminate his employment with effect before 30 June 2013 without "good reason" then that amount would become immediately repayable to the Company.

The Group Chief Financial Officer, Mr Rob Larry, will also roll his existing contract over for a further year.

Cautionary Statements Regarding Forward-Looking Information

This release may contain forward-looking statements, including statements about Sims Metal Management’s financial condition, results of operations, earnings outlook and prospects. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and other similar words and expressions.

These forward-looking statements involve certain risks and uncertainties. Our ability to predict results or the actual effects of our plans and strategies is subject to inherent uncertainty. Factors that may cause actual results or earnings to differ materially from these forward-looking statements include those discussed and identified in filings we make with the Australian Securities Exchange and the United States Securities and Exchange Commission (“SEC”), including the risk factors described in the Company’s Annual Report on Form 20-F, which we filed with the SEC on 14 October 2011.

Because these forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release.

All subsequent written and oral forward-looking statements concerning the matters addressed in this release and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release.

All references to currencies, unless otherwise stated, reflect measures in Australian dollars.

About Sims Metal Management

Sims Metal Management is the world’s largest listed metal recycler with approximately 270 facilities and 6,600 employees globally. Sims’ core businesses are metal recycling and electronics recycling. Sims Metal Management generated approximately 85 percent of its revenue from operations in North America, the United Kingdom, Continental Europe, New Zealand and Asia in Fiscal 2011. The Company’s ordinary shares are listed on the Australian Securities Exchange (ASX: SGM) and its ADRs are listed on the New York Stock Exchange (NYSE: SMS). Please visit our website (www.simsmm.com) for more information on the Company and recent developments.



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