The world's largest recycler, Sims Metal Management, has appointed former US-based Harsco Corporation executive Galdino Claro as its new chief executive.
Sims on Tuesday said Mr Claro will take over the reins of the metal and electronics recycling business from November 4.
He will receive a total fixed remuneration of $1.15 million a year, not including short- and long-term incentive payments that could increase his pay packet substantially.
His appointment comes after a difficult couple of years for the company, which has posted losses in the past two financial years amid weakness in its US and European businesses.
Sims chairman Geoff Brunsdon said Mr Claro had the necessary experience to lead the company's turnaround.
"He has the experience and tenacity, as well as the personal qualities and vision, to make the difficult decisions necessary to steer Sims Metal Management through the global environment it confronts at this time, as well as positioning the company for any recovery in international markets," he said in a statement.
Mr Claro was previously executive vice president and chief executive of Metals and Minerals at US-listed Harsco Corporation and has more than 30 years of experience in the metals industry.
He said he was excited to be joining the company.
"I am honoured to be joining the Sims Metal Management team and look forward to building upon the company's remarkable heritage and global reach," he said.
"The company has faced several challenging years, but I am excited about the opportunities that lie ahead."
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