Paul Cox, 54, who first joined Reconomy as operations director in 1999, will transition to the role of founder director on the group’s board in January 2023.
In a statement, Reconomy, which owns Eurokey and Valpak, paid tribute to Mr Cox, saying he had delivered “transformational growth” and grown its revenue and profitability “more than tenfold”, creating an international group with revenues of £1 billion.
As founder director, Reconomy says, Mr Cox will work with the board and his successor as CEO to support the business’s “continued evolution”, contributing to the group’s corporate development and retaining personal responsibility for its social value programme, ‘RSVP’.
Mr Cox said it had been an honour to develop and work with a talented and dedicated team during the past 23 years.
“Thanks to our hard work, Reconomy Group is delivering industry-leading circular economy solutions that allow businesses to achieve their sustainability goals,” he added.
“I am confident this is the right time for me to take this decision, for me personally and for the continued execution of the company’s long-term strategic plan.”
Reconomy says it will announce its new chief executive in January following the conclusion of a planning process.
‘Key role’
Mr Cox entered the waste industry as a 20-year-old, starting as a driver before subsequently creating and operating various waste businesses.
I am confident this is the right time for me to take this decision
- Paul Cox, Reconomy Group CEO
He joined Reconomy in 1999 and played a “key role” in the management buy-out in 2001, the company says.
Following the economic crash of 2008, Mr Cox, now CEO, re-focused Reconomy on technology, data for customers, and service propositions for a broader range of sectors including infrastructure, utilities and commercial industry.
In 2017, private equity firm EMK Capital became majority shareholder in Reconomy, while the firm was named Company of the Year in the Shropshire Business Awards and Mr Cox was named EY Entrepreneur of the Year in the Transformational Leader category.
Reconomy says Mr Cox’s “passion, forward-thinking and demands for innovation” saw the company grow from £87m turnover in 2015 to more than £800m in 2021 driven by a string of acquisitions.
‘Significant contribution’
Bob Ellis, Reconomy Group chair, said: “During his tenure as CEO, Paul made a significant contribution to businesses that want to improve their ESG outcomes, conserve natural resources, and embrace the circular economy.
“Very few people can match his significant contribution to creating a more sustainable world.
“I look forward to continuing to work with Paul on the board as we evolve and grow the business in this exciting next phase of its development.”
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