NEW YORK Graham Davy, chief executive officer of Sims Metal Management Ltd.s European business and its global Sims Recycling Solutions (SRS) division, is "no longer employed by the company," effective immediately, Sims said late March 19.
Hans-Otto Hagemann has been named acting managing director of SRS in Continental Europe and the United Kingdom, "amongst other management changes," the Sydney-based recycler said.
Sims didnt give a reason for the management change, and a company spokesman didnt return calls seeking comment.
News of Davys departure comes one month after the company said it would record a write-down due to an overvaluation of inventory at its Long Marston and Newport scrap facilities in the United Kingdom (amm.com, Feb. 15). The following week, Sims reported a hefty net loss for its fiscal first half ended Dec. 31 (amm.com, Feb. 22).
The company also announced last month that Sims group chief executive officer Daniel W. Dienst will retire and resign from the companys board of directors when his contract expires June 30 (amm.com, Feb. 22).