Close the Loop Limited (ASX: CTL), a circular economy industry leader that collects and refurbishes various products and provides sustainable packaging with the goal of ‘Zero Waste to Landfill,’ has announced key leadership appointments and a strategic restructuring initiative. The company is appointing two new Chief Executive Officers to head its North American and Australian business units, aiming to strengthen global operations. Matthew Zimmer has been named CEO of North America, while Kesh Nair will assume the role of CEO for Australia, also joining the board as an Executive Director.
The strategic review conducted by Close the Loop revealed over-diversification hindering growth. In response, the company is simplifying operations by empowering division heads and divesting non-strategic areas. It will focus on three core business units: ITAD, Recycling, and Packaging, each led by a Global Head. IT Asset Disposal (ITAD) has been identified as a primary engine for future expansion. Lawrence Jaffe will transition from Interim CEO to Chief Commercial Officer, focusing on corporate development.
Additional leadership changes include Grant Carman becoming Chairman of the Board, succeeding his role as Interim Chair. Marc Lichtenstein will take on the new role of Chief Risk Officer and Company Secretary, while Chris Dimitriadis is promoted to Chief Financial Officer. Joe Foster will transition to a new, yet-to-be-detailed role within the company. The company has released the material terms of employment contracts for Matthew Zimmer, Kesh Nair and Chris Dimitriadis in accordance with ASX Listing Rule 3.16.4.
Grant Carman acknowledged Lawrence Jaffe’s foundational leadership and expressed gratitude for his contributions. The company anticipates that the leadership changes announced will reduce ongoing executive remuneration costs. The board of directors has authorised the release of this announcement.
