Sims Metal Management has abruptly lost its European chief executive.
The company, which says it is the world’s largest metals and electronics recycler, said in a terse statement: “Graham Davy [left], CEO Europe and Global Sims Recycling Solutions (SRS), is no longer employed by the company.”
It did not expand on the reasons for Davy’s departure. Hans-Otto Hagemann was appointed acting managing director SRS continental Europe and SRS UK.
Sims’ chief executive Daniel Dienst announced last month that he would retire in June.
The firm in February reported a first half loss of AUS$295.5m, an improvement on the AUS$633.2m H1 loss the previous year.
It reported H1 revenue down 25% on the corresponding period last year to AUS$3.4bn.
Dienst said in February: “The performance of our European business in the first half of Fiscal 2013 was an obvious disappointment. Our traditional UK metals operations in particular continue to struggle with weak scrap generation and tight margins.”
He said then that the board’s “highest priority” would be to resolve an alleged fraud at its Newport and Long Marston plants in the UK, where a company investigation completed in February had found that an inventory write-down of $78m was required.