In a shake up of newly listed scrap metal recycler CMA Corporation, Peter Hatfull has become managing director, vacating the chairman's role for Alan Good.
Mr Hatfull will replace Paul Adams who will take on the role of executive director of group operations.
CMA listed in July after merging operations from across the country, including business ventures of WA demolition and salvage expert Robert Moltoni.
Mr Hatfull said that the company had been presented with significant growth opportunities, including acquisitions.
"As CEO, Paul Adams has had enormous success in targeting acquisitions that are high margins and are consistent with the Company's strategic direction. His new role going forward will be to manage existing business operations and ensure acquisitions are integrated successfully and in line with CMA's ongoing growth strategy," he said.
Mr Hatfull has had executive roles with Whittakers Ltd, Oribital Engine Corp Ltd, Sanford Securities Ltd and Australian Plantation Timber Ltd.
This is the full announcement:
CMA ANNOUNCES BOARD & MANAGEMENT CHANGES TO SUPPORT GROWTH STRATEGY CMA Corporation Limited (CMA, ASX: CMV) today announced a number of senior personnel changes to support the further growth of the company in Australia and New Zealand. Chairman Peter Hatfull will take over the role of Managing Director, replacing Paul Adams who will become Executive Director of Group Operations. Alan Good, a Non-Executive Director of the Company, will become Independent Chairman. The appointments take effect in early December. Mr Hatfull said CMA had moved to make the changes as a result of higher than anticipated activity in evaluating and managing growth opportunities. "Since listing, CMA has been presented with a significant number of outstanding growth opportunities, both through our existing business units and through potential acquisitions," said Mr Hatfull. "Already, we have entered into agreements to acquire three new businesses, in New Zealand, Sydney and Darwin - one of which has already settled. "The CMA Board believes the Company needs to fully resource the assessment and management of the growth strategy and accordingly Paul Adams will take direct charge of Operations. With the changes, we can better utilise the specific skills and experience of our Board members. Mr Hatfull said he looked forward to his new role and to continuing CMA's commitment to building shareholder wealth and returns. "As CEO, Paul Adams has had enormous success in targeting acquisitions that are high margins and are consistent with the Company's strategic direction. His new role going forward will be to manage existing business operations and ensure acquisitions are integrated successfully and in line with CMA's ongoing growth strategy," he said. Mr Adams said he relished the opportunity to devote more resources to the management of CMA's organic and acquisitive growth. "CMA is now the third force in the Australian scrap metal recycling sector with an unexpectedly high number of growth opportunities," said Mr Adams. "Our challenge is to ensure we maintain a strict focus on operational excellence in our existing business units and to apply the appropriate filters to acquisitions." CMA also announced today another boost to its senior management ranks with the appointment of Shaun Clarke as General Manager, Contracting Division.
Mr Clarke joins CMA from Cement Australia where he was General Manager, Sales and Marketing. He has held General Management and CEO roles for the past seventeen years and brings to CMA wide experience in the energy and heavy construction materials industries in operations, sales and marketing roles. He spent much of his career with Esso Australia and its parent Company Exxon Corporation in senior management positions around Australia and in the United States. Mr Hatfull said CMA was trading well and remained on track to meet its prospectus forecasts for the 2006 financial year.