Dive Brief:
- Progressive Waste Solutions' current CEO Joseph Quarin will be replaced by CIO and Executive Vice President Dan Pio, effective Friday, Jan. 29. Quarin is stepping down from his position in order to pursue other career opportunities, according to the company's website.
- James J. Forese, non-executive chairman of Progressive's Board of Directors, stated that Pio has done an "excellent job" in efforts to merge with Waste Connections, and he is "the right person to assume the responsibilities of the CEO role and take the merger across the finish line."
- Following the merge announcement, Progressive's Chief Operating Officer Kevin Walbridge and Chief Financial Officer Ian Kidson both stepped down from their positions. Chief Accounting Officer William Herman has been named as the interim chief financial officer.
Dive Insight:
While Waste Connections' purchase of Progressive Waste may continue to bring change to both companies' operational and managerial structures, the merge is so far showing "very favorable reaction" by investors, given the complimentary footprints of the companies, as reported by Seeking Alpha.
"It has been an honor and a privilege to lead Progressive Waste Solutions for the past four years as CEO, and I am extremely proud of what we have accomplished together. I am confident that the Company will be in good hands with Dan and the integration team seeing the merger through to completion," said Quarin in a press statement.
The transaction between Waste Connections and Progressive Waste is expected to close in the second quarter of 2016. Waste Dive has reached out to both companies for extended comments regarding the merge, however neither company was able to release further details.
