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- The Chief Executive Officer and Managing Director of Cleanaway Waste Management (CWY), Vik Bansal, will step down from his role as CEO as part of a leadership transition in the first half of 2021
- The CEO has been with Cleanaway since August 2015 and, given his tenure at Cleanaway, his succession has been in discussion for some time
- During Vik Bansal’s time at the company, total shareholder returns of approximately 300 per cent were delivered, compared to the benchmark ASX 200 index’s 58 per cent approximate yield
- Mark Chellew will take on additional duties as Executive Chair while a search for a permanent CEO replacement is conducted
- Cleanaway Waste Management is down 7.69 per cent, trading at $2.40
The Chief Executive Officer and Managing Director of Cleanaway Waste Management (CWY) will step down from his role as CEO as part of a leadership transition.
Cleanaway Waste Management operates a network of collection, processing, treatment and landfill assets from 260 locations across Australia, offering solid waste, liquids and health and industrial services.
Vik Bansal has been with Cleanaway as CEO since August 2015 and, given his tenure at the company, his succession has been in discussion for some time, with the board agreeing it is the right time for the company to move forward under new leadership.
During Vik Bansal’s tenure, the company delivered total shareholder returns of approximately 300 per cent, compared to the benchmark ASX 200 index’s 58 per cent.
At the same time, earnings per share grew 21.8 per cent on a compound annual growth rate basis and the market capitalisation of Cleanaway increased more than fivefold to $5 billion.
“We have created significant value for shareholders through refocusing the business, consolidating under one brand, successfully integrating the ToxFree acquisition, and targeted investment in the best-in-class infrastructure, facilities, and extending our participation in the waste value chain,” said Mr Bansal.
Vik Bansal advised the board he would like the leadership transition to start in the first half of this year.
The CEO will deliver the interim FY21 results, which are scheduled to be handed down on February 19, and will remain available to assist the board with the leadership transition.
Mark Chellew will take on additional duties as Executive Chair while a search for a permanent CEO replacement is conducted.
Chief Financial Officer, Brendan Gill, will delay his retirement and stay on in his role to support Mr Chellew and incoming CFO, Paul Binfield, in the period prior to the transition to a new CEO.
Cleanaway Waste Management is down 7.69 per cent, trading at $2.40 at 2:30 pm AEDT.
