Dive Brief:
- Rubicon's board of directors appointed Michael Dulin as CEO of the company, taking over from interim CEO Osman Ahmed. Dulin has been a member of the board since November.
- Dulin is the second executive to join the company’s C-suite in recent months. Eric Bauer, who was previously CFO of Circulus, became CFO of Rubicon in December.
- “We are thrilled to have Mike take the helm at Rubicon,” Board Chairman Andres Chico said in a statement. “With his deep expertise in environmental services and track record of driving growth, we are confident that Rubicon will continue to innovate and expand under Mike’s leadership.”
Dive Insight:
Dulin began his role as CEO of Circulus in January 2023, according to his LinkedIn profile. He's previously served as CEO of Hepaco, which Clean Harbors acquired last year; as president and chief operating officer of Shamrock Environmental Corp.; and as president of Envita Solutions. Dulin previously held roles at Heritage Environmental Services and Republic Services.
Dulin was also an operating partner at Ara Partners beginning in October 2022 and left last month, according to a Rubicon spokesperson. Circulus Holdings was a portfolio company of Ara until it sold Circulus to Dow in August for $130 million, per the latter's financial filings.
Rubicon praised Dulin’s experience in a release, citing his “deep network in the environmental field.” The company expects him to lead it into a “phase of growth.”
“I am excited to lead Rubicon and our team as we continue to provide innovative sustainable solutions for our clients that create a positive impact on our society and the planet,” Dulin said in a statement. “Rubicon’s commitment to advancing the circular economy and helping businesses become more intelligent on how to reduce their environmental impact is inspiring.”
Ahmed, who was previously lead independent director on the board, took over as interim CEO after Phil Rodoni departed in June. Rubicon's CFO Kevin Schubert also departed that month. Ahmed will remain on the company’s board as Dulin takes over, per a release.
The changes come as Rubicon's finances have become further intertwined with Rodina Capital, a firm attached to Chico and board member Jose Miguel Enrich, the company's largest shareholder.
In December, Rubicon and Rodina Capital reached a preferred equity deal worth $20 million and agreed to a new revolving debt facility. It's the latest of several debt or equity transactions between the two entities in recent years, as the company has struggled with a low stock price and profitability.
In the third quarter of 2024, Rubicon’s revenue was up 8.3% year over year but gross profit was down 26.1%.
Rubicon previously agreed to initiate a sale process in May, and has received an offer from an affiliate of Enrich. The company declined to offer an update on the status of that process.
Editor's note: This story has been updated with additional details about the length of Dulin's tenure at Ara Partners.