The departing CEO of Sydney-born and US-based recycling company Sims Metal Management will stay with the company as a part-time consultant.
AAP reports that Daniel Dienst will retire as Sims Metal Management CEO on June 30, but will earn $US50,000 a month to work as a consultant with the company for up to 12 months.
The company said Dienst will not receive any severance pay, but will be entitled to his normal incentives for the 2012/13 financial year.
In addition, he will receive up to $US50,000 ($A52,712.03) per month in his consultant role. This will require him to be available for a maximium of 12 days each month.
Sims Metal chairman Geoffrey Brunsdon said in a statement, "I am pleased that Mr Dienst has agreed to continue as a consultant to the company to ensure a smooth leadership transition."
The company is considering appointing former chief executive of Boral Ltd, Mark Selway and other internal and external candidates as its next chief executive. Brunsdon said that an appointment is expected soon after June 30.
Sims Metal Management, the world’s biggest scrap metal recycler announced a $521.4 million loss for last financial year. At the time, the company cited the dip in commodity prices, a nearly-$600 million goodwill impairment and a weak North American market as reasons for the loss.