Close the Loop Appoints New CEOs, Streamlines into Three Core Business Units

Leadership Overhaul to Drive Strategic Clarity

Close the Loop Limited, a leader in the circular economy sector, has announced significant leadership changes as part of a broader strategic review aimed at sharpening its global operations. The company is appointing two new Chief Executive Officers to lead its North American and Australian business units, signaling a renewed focus on regional agility and operational discipline.

Matthew Zimmer, with a strong background in the international IT asset disposal (ITAD) industry, will take the helm of Close the Loop’s North American operations. His expertise is expected to accelerate growth in a market identified as a primary engine for expansion. Meanwhile, Kesh Nair, a long-serving executive with over 17 years at Close the Loop, has been promoted to CEO Australia and will join the board as an Executive Director, bringing deep operational knowledge and a proven track record in driving strategic initiatives.

Streamlining Operations Around Core Business Units

The company’s strategic review revealed that previous diversification had stretched resources thin, impeding growth and management focus. In response, Close the Loop is simplifying its structure by concentrating on three independently run business units – ITAD, Recycling, and Packaging. Each unit will be led by a Global Head tasked with focused execution and sustained growth, with ITAD highlighted as a key growth driver.

This restructuring includes divesting non-strategic or underperforming business areas to eliminate distractions and improve profitability. The move is designed to enhance operational efficiency and better position the company to serve customers and shareholders alike.

Board and Executive Changes Signal New Era

Alongside the CEO appointments, Grant Carman has been named Chairman of the Board, having served as Interim Chair since late 2024. Chris Dimitriadis, previously Group Financial Controller, is promoted to Chief Financial Officer, while Marc Lichtenstein transitions to a newly created role as Chief Risk Officer and Company Secretary. These changes are expected to bring fresh perspectives and strengthen governance as the company navigates its next growth phase.

Additionally, Joe Foster, the company’s largest shareholder, will move into a new role within Close the Loop, with details forthcoming. Lawrence Jaffe steps down as Interim CEO and board member to focus on corporate development and portfolio optimisation, including the planned exit of non-core and unprofitable segments.

Executive Remuneration and Incentives Aligned with Growth

The company disclosed material terms of key executives’ employment contracts, highlighting a focus on performance-based incentives. Both new CEOs will participate in a Long Term Incentive plan subject to shareholder approval at the 2025 AGM, with short-term incentives tied to key performance objectives. The restructuring is also expected to reduce ongoing executive remuneration costs, reflecting a leaner leadership model aligned with strategic priorities.

Close the Loop’s refreshed strategy aims to deliver greater clarity, agility, and purpose, positioning the company to capitalise on growth opportunities in the circular economy while advancing its sustainability mission of zero waste to landfill.