Sims Metal Management Ltd. (SMM), headquartered in New York, has reached an agreement with Daniel Dienst, SMM CEO, on a five-year employment contract that was due to expire June 30, 2012. The new contract will continue until June 30, 2013.
SMM has agreed to make a one-off payment to Dienst of $500,000. According to the contract, if Dienst terminates his employment with effect before June 30, 2013, without "good reason" then that amount will become immediately repayable to the company.
Rob Larry, SMM group CFO, also saw his existing contract extended for an additional year.
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