Metals recycling group CMA (ASX:CMV) said its managing director Peter Hatfull has resigned and will be replaced by the chief operating officer Doug Rowe.
Rowe, a substantial shareholder in the company, will assume the role on 1st February 2008.
Hatfull was appointed the inaugural chairman of CMA and led the company to its ASX listing in 2005. He said he had taken the company to the point where it was appropriate to implement a succession plan.
"I am very proud of the transformation CMA has undergone in the past two years," he said.
"CMA has grown to become a truly international organisation with a presence in every Australian state and territory as well as expanding into New Zealand, South-East Asia and soon into the United States.
"It is now appropriate for Doug to take over the company to the next level," he added.
The Sydney-based business listed on the Australian stock exchange in July 2005 and now has a market capitalisation of about $279.42million.
In 2006/07, the company reported a net profit of $6.5 million, an increase of 280% and revenue of $237.1 million.
The group's major trading activities are processing and recycling ferrous and non-ferrous metals. It also provides demolition and remediation services to the mining and heavy industrial sectors.
Shares in CMV rose 1.43% to 71 cents.
