Shanks Group consists of two divisions in the UK: Waste Services ltd and Chemical Services ltd. Following the move, Jim Meredith, who was managing director of the Waste Services arm, will remain a director of Shanks Group and stay on the group board.
The company confirmed in a statement: “Mr M Averill, group chief executive, will temporarily take over Mr JR Meredith's responsibilities as managing director of Shanks Waste Services ltd.”
The interim report released on October 31, 2002 revealed that Waste Services' trading profit had fallen from 18.1 million in 2001 to 12.6 million. This was attributed to a fall in landfill volumes, increased costs of regulation and insurance and “intense” competition for industrial and commercial collections in some areas.
Since the report was released, a number of senior Shanks employees have either been made redundant or left, as part of what is thought to be a drive to save costs. But the move has still taken Shanks insiders by surprise.
An announcement is expected soon on future arrangements on the organisation of the company.
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