Shanks chief executive Tom Drury to leave

Shanks has announced that chief executive Tom Drury will leave his post by the end of October 2011 to join Manchester-based asset management company Arrow Global.

Mr Drury said he had decided to bring to an end his four-year tenure at the helm of the Milton Keynes-based waste management company in order to work closer to his home in Cheshire.

Shanks board yesterday (July 5) paid tribute to his time at the company and wished him every success for the future. The company added that the search for Mr Drurys replacement was underway and stressed there would be a smooth transition to his successor.

Adrian Auer, chairman of Shanks said: “We will be sorry to see Tom go, but respect his decision to work nearer to his home in Cheshire. We are grateful for the excellent job he has done for Shanks.

Tom has set a compelling strategic direction for the business, with clear evidence in our recently reported results of delivery against this strategy. He will leave the business in very good shape. With the strength and experience of our Board and executive management team, I am very confident that Shanks will maintain its current growth momentum.”

The announcement of Mr Drurys departure came on the same day as Shanks published an interim management statement for the period up to June 30 2011. The statement highlighted the contribution that the companys involvement in PFI projects and developing infrastructure was making to its operations.

During Mr Drurys tenure at Shanks the company has seen its share price rise and been subject to a takeover bid. Financial circles suggest that Shanks remains a company which is likely to prove a popular acquisition it has two main activities, commercial waste collections and a spread of infrastructure. Divestment of just one division is also seen as a possibility.

Lifestyle decision

Giving more detail on his reasons for leaving Shanks, Mr Drury said: This is a lifestyle decision that allows me to spend more time with my family in Cheshire. I’ve enjoyed my four years at Shanks working with such a strong management team and I will be leaving the Company very well placed to realise its full potential.

I am committed to working with the Board to ensure a smooth transition, and I wish everyone at Shanks great success for the future.”

In a statement, Arrow Global welcomed the news that Mr Drury would be joining its team as chief executive officer, which it said was part of a management expansion to support its continued growth.

Mr Drury added: I am delighted to join Arrow Global. I look forward to working with the rest of the team to continue building on the company’s success to date and further developing Arrow Global as the clear market leader in the debt purchase industry.”