Mr Cox, current chairman of Ofwat and a former chief executive of Valpak – where he moved a streamlined compliance business from London to Stratford upon Avon – has a reputation for transforming challenging business situations.
Appointed at the end of October, Mr Cox has now brought in Nicholas Pollard, a construction industry sector leader, as chief executive. And, the chairman highlighted how Mr Pollard has “led significant business improvement in challenging conditions over the last decade”.
Peter Gerstrom, who has been chief executive since 2010, is to become deputy-chairman. Mr Gerstrom is also chairman of the Environmental Services Association and will stay in post until his term of office expires in November 2016. (see letsrecycle.com story)
Belvedere
Cory Environmental is expected by some in the waste management sector to be sold. Its flagship infrastructure is the Belvedere energy from waste incinerator on the south bank of the river Thames, east of London. On the municipal front, its work includes the contract to collect material for Cornwall council.
In summer 2015 the company said it completed a successful balance sheet restructuring with a “secure longer term financing structure and new ownership.” There was a debt for equity swap at the holding company level which has reduced the debt by around £120m.
The largest shareholders are Strategic Value Partners (SVP), Barclays, Commerzbank and EQT with SVP owning 39% of the equity. The shareholders, in August, said that “business continues to perform very well operationally and financially, and is ahead of budget this year.”
Fresh
‘After five busy years of leading Cory, I feel this is the moment to hand over the reins’
Peter Gerstrom
Cory Environmental
Commenting on his appointment as deputy-chairman, Mr Gerstrom said “After five busy years of leading Cory, I feel this is the moment to hand over the reins and to work with the new Chairman to bring in a fresh pair of eyes to the leadership of the company. I am pleased that I shall continue my association with the Group and look forward to assisting the Company through the next stage”.
Jonson Cox said “I would like to thank Peter for his leadership of the company over the last five years and am also pleased that we will continue to have Peter’s advice and counsel available to us as we go forward.
“I am also pleased to announce that Nicholas Pollard will be joining us as CEO on 1 December 2015. Nicholas has led significant business improvement in challenging conditions over the last decade, notably at Bovis Lend Lease, then more recently at Balfour Beatty. In each business he served as their UK CEO. He also enjoys experience in efficiently running infrastructure assets, has been responsible for rail operations, and worked closely with central government departments and local authority clients. Nicholas is a proven leader who successfully works with and develops people and teams.”
Mr Pollard’s expertise in the local authority sector is expected to see him look for success in the local authority arena where Cory has recently lost out on core contracts, such as for Southend on Sea council. And, he is expected to take a keen interest in the performance of the Belvedere plant.
Register for free to comment