Sims Limited Announces Retirement of Heather Ridout from Board of Directors

Rhea-AI Summary

Sims Limited (ASX: SGM) announced the retirement of Heather Ridout AO from its Board of Directors in 2023. Ridout, who joined the board in September 2011 and served as chairperson of the Remuneration Committee, played a pivotal role in guiding the company through a challenging growth strategy. Geoffrey Brunsdon, the Board's chairman, praised her contributions over 11 years. Ridout is transitioning to serve as Australia's Consul-General in New York, with her retirement date yet to be determined. Sims Limited is committed to sustainability and operates globally, with a purpose of creating a world without waste.

Positive

• Heather Ridout's leadership has significantly contributed to Sims Limited's successful international growth strategy.
• The transition in leadership may bring fresh perspectives to the board.

Negative

• Ridout's departure may create a leadership gap, impacting continuity in strategic direction.

NEW YORK, Jan. 13, 2023 /PRNewswire/ -- Sims Limited (ASX: SGM), a global leader in sustainability and an enabler of the circular economy, announced today that Heather Ridout AO will retire from the Sims Limited Board of Directors in 2023. Changes to the Board of Directors, the board committees and structure will be determined at a later date.

Heather's leadership, guidance and wisdom have been a major factor in navigating a demanding growth strategy.

Ridout, the former chief executive of the Australian Industry Group from 2004 through 2012, joined the Sims Limited Board of Directors in September 2011. She is the chairperson of the Remuneration Committee, and she is also a member of the Safety, Health, Environment, Community and Sustainability Committee, the Risk Committee, and the Nomination/Governance Committee.

Geoffrey Brunsdon, chairman and independent non-executive director for Sims Limited's Board of Directors, said, "On behalf of the Board of Directors, I would like to thank Heather for her outstanding service to the Sims Limited Board, our employees and our shareholders. Heather's leadership, guidance and wisdom throughout her 11 years of service have been a major factor in the company successfully navigating a demanding international growth strategy, as well as significant change. Both the Board of Directors and the executive leadership team will miss Heather's counsel, and we wish her every success in her new role."

Ridout was appointed as Australia's next Consul-General in New York on 20 December 2022. With an outstanding career spanning four decades, she is well-equipped to promote Australia's world-class and diverse creative industries, education and the arts in the United States.

"Sims Limited is a company I have known and admired for more than 25 years, and I was delighted for it to be a member of AI Group," Ridout said. "I look back on my tenure at Sims Limited with great pride in serving as a non-executive director. I am extremely confident the company will continue to grow, prosper and positively impact society," she concluded.

The precise date of Ridout's retirement will be determined by the commencement date for her new role. 

About Sims Limited 
Founded in 1917, Sims Limited is a global leader in sustainability and an enabler of the circular economy that employs 4,400 employees who operate from more than 200 facilities across 15 countries. The company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM), and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). The company's purpose, create a world without waste to preserve our planet, is what drives them to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments and communities around the world. For more information, visit www.simsltd.com.

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SOURCE Sims Limited

FAQ

When did Heather Ridout announce her retirement from Sims Limited?

Heather Ridout announced her retirement from Sims Limited in January 2023.

What role did Heather Ridout have in Sims Limited before her retirement?

Heather Ridout was a non-executive director and chairperson of the Remuneration Committee.

What is the impact of Heather Ridout's retirement on Sims Limited?

Her retirement may create a leadership gap, potentially affecting the company's strategic continuity.

What is Sims Limited's mission?

Sims Limited aims to create a world without waste through innovative solutions in the circular economy.

What new position will Heather Ridout hold after leaving Sims Limited?

Heather Ridout will become Australia's Consul-General in New York.