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Executive team will oversee Sims until new chief named

Keywords: Tags  scrap, Sims, Sims Metal Management, Daniel Dienst, Geoffrey Brundson, James Thompson, executive group, Sean Davidson

NEW YORK — Sims Metal Management Ltd. has appointed a team of executives to manage the company until a successor is selected to replace retiring chief executive officer Daniel W. Dienst, the company said.

Geoffrey Brundson, chairman of the company’s board, will oversee the leadership team, which will include nonexecutive director James Thompson and the leaders of all the company’s key operations, Sims said June 5.

The leadership team will manage the company from July 1 until the new chief executive officer assumes his role.

Dienst, who steps down June 30 (, Feb. 22), will serve as a consultant for a year. His duties and responsibilities will include assisting with the transition, advising the company chairman on safety matters and contributing his expertise to the company’s strategy in China.

Dienst will be available for up to an average of 12 days per month in this consultancy role and will be paid a fee of $50,000 per month plus related expenses, the company said.

"During the term and, if the agreement continues for its full term until June 30, 2014, for a period of three months thereafter, Dienst will not engage in any business or activity which is directly or indirectly in competition with that of the company," the New York-based company added.

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