News: SGM Sims Metal Management Ltd appoints Alistair Field as CEO, page-9

Bizarre times at Sims
Just what was Sims Metal chair Geoffrey Brunsdon thinking after yesterday showing chief executive Galdino Claro and finance boss Fred Knechtel the door on the same day, replacing them with previously little-known internal appointments?
Bizarre is not the word for it, just plain dumb governance gets closer to the mark.
The explanation offered was along the lines that the company was nearing the end of its five-year strategic plan and it was time to get someone to take it forward.
Seems like Claro and Knechtel didn’t agree with Brunsdon’s plans and former Asciano executive Alistair Field has signed on the line ready to take a New York job as the replacement.
The earnings guidance, if anything, was slightly above market, which says there was no obvious snafu and the only thing worth noting was a big increase in net cash to $370m, which raised some eyebrows. No further explanation was given.
Brunsdon’s moment of madness sent the Sims stock down over 12.5 per cent to $13.40 a share.

THE AUSTRALIAN