Dive Brief:
- Appliance Recycling Centers of America’s (ARCA) Board Chairman, President, and CEO Edward R. (Jack) Cameron has retired, and Tony Isaac will step in as CEO through the transitional period. Cameron will stay on as president of the company’s recycling division.
- Cameron first stepped down as CEO and president in August 2014, replaced by Mark Eisenschenk, but returned in May 2015 after shareholders elected four new members to the board of directors who terminated Eisenschenk and re-hired Cameron.
- Cameron founded Appliance Recycling in 1976.
Dive Insight:
Cameron steps down at a time when ARCA’s stock price is, and has been, at a low—trading below $1 per share for several months now.
Overall, 2015 was not a good year with revenue losses attributed largely to the hit to recycling — the division that the company’s founder will stay on to oversee. A real problem area for the company, as for the industry at large, was scrap metal. Scrap metal continued to fall through 2015, though some industry predictors say the recovery of this material and nonferrous metal prices may be on the rise in 2016 if the dollar’s value steadily declines.
Isaac, the interim CEO, has served as financial planning and strategist/economist of Live Ventures. He is also the chairman and co-founder of private investment company Isaac Organization.
