• Appointment of new CEOs for North America and Australia
• Restructuring initiative to simplify operations and sharpen strategic focus
• Establishment of three core business units: ITAD, Recycling, and Packaging

Close the Loop Limited, the circular economy industry leader, has announced the appointment of two new Chief Executive Officers (CEO) to lead its North American and Australian business units as part of a strategic overhaul. The company has conducted a comprehensive assessment, which revealed that the organization had become overly diversified and thinly spread, hindering strategic growth and diverting valuable management attention. As a result, Close the Loop is commencing a restructuring initiative aimed at simplifying its operations and sharpening its focus. Key elements of this strategic shift include empowering expert division heads, divesting non-strategic or underperforming business areas, and establishing three distinct and independently run business units: ITAD, Recycling, and Packaging. To support this strategic direction, the company has announced key leadership appointments in Australia and North America. Matthew Zimmer has been appointed as the new CEO of the North American business units, while Kesh Nair has been promoted to the role of CEO of the Australian operations. Additionally, Grant Carman will become the Chairman of the Board of Directors, and Chris Dimitriadis has been promoted to the position of Chief Financial Officer. These leadership changes are expected to reduce the ongoing executive remuneration costs of the company and position it to operate with greater clarity, agility, and purpose, enabling it to better serve its customers, strengthen its market position, and deliver enhanced value to its shareholders.

The company has provided the following high-importance, price-sensitive forward-looking financial metrics: - Matthew Zimmer's total fixed remuneration (TFR) of US$350,000 plus monthly 401K contribution and medical insurance payment, with a short-term incentive (STI) of up to 70% of TFR based on annual North American EBITDA targets. - Kesh Nair's total fixed remuneration (TFR) of $300,000 excluding superannuation, with a short-term incentive (STI) of up to 70% based on annual KPI objectives. - Chris Dimitriadis' total fixed remuneration (TFR) of $240,000 excluding superannuation, with a short-term incentive (STI) of up to 50% based on annual KPI objectives.