Rubicon President and CFO Kevin Schubert resigned from his role effective June 1, according to a securities filing released Thursday. He's the second top executive at the waste broker and technology company to leave in recent months, after then-Chief Operating Officer Renaud de Viel Castel left in February amid a round of layoffs.
Grant Deans, who has served as vice president of accounting at the company since October, will take on the role of interim CFO. An updated offer letter for Deans indicates his compensation is $265,000 per year.
Rubicon thanked Schubert for his leadership and contributions to the company in the filing.
The separation agreement between the company and Schubert is dated May 23. Schubert will receive a $750,000 severance payment from Rubicon paid out over the next six months, per the agreement. He will also hold the title of "advisor" during that period. The separation agreement also includes a non-disparagement clause.
Schubert’s appointment to the CFO role in 2022 came amid Rubicon’s complicated initial public offering and subsequent decline in stock price. As part of the ensuing shakeup, Rubicon founder Nate Morris stepped down as CEO in October 2022 and was replaced by then-Chief Technology Officer Phil Rodoni. The following month, Rodoni told investors on an earnings call that the company would develop a strategy to reach profitability.
Schubert’s new role was announced on that call. He had been Rubicon’s chief development officer and head of investor relations since August 2022. He previously held senior executive roles at several other public companies. Before he was at Rubicon, Schubert was CFO at hospitality startup Ocean Park for two years. He had additional experience in the hospitality sector and held positions at Gibson, Dunn & Crutcher and Accenture.
Rubicon has taken several measures to move toward profitability since going public in the fall of 2022. Earlier this month, the company sold its fleet technology business to Rodina Capital for $68.2 million plus further considerations. The deal came after a take-private deal brought by one of Rubicon’s principal investors, who is also involved with Rodina.
Schubert spoke on the company's first quarter earnings call on May 20. During the call, he said Rubicon felt good about its liquidity position, but the company did not provide a financial outlook. It ended the first quarter with a net loss of $17.2 million and revenue of $166.1 million.
