Rubicon founder Nate Morris has stepped down as CEO less than two months after taking the company public. Phil Rodoni, previously the company’s chief technology officer, has been promoted to CEO in his place.
The company, which provides collection services via third-party haulers as well as subscriptions to software products, has seen its financial standing decline since going public in mid-August. Shares closed at $6 during the company’s first day of trading on Aug. 16, but were down to $1.41 at the close of market Thursday. This came after a longer than anticipated process to go public via a transaction with Founder SPAC, which yielded lower proceeds than projected.
Morris, who founded the company in 2008, ended his run as CEO on Thursday. He will now serve as chairman of the board of directors and a strategic advisor through Feb. 10, 2023, according to a company filing, and may continue as a board member thereafter. Morris will remain a company employee through October. His agreement includes plans for transition payments totaling $1.85 million and a bonus of $675,000, among other provisions.
“Leading Rubicon from its founding has been an absolute privilege,” Morris said in a statement. “Looking back on the last decade, I am immensely proud of what we have achieved — establishing more than 8 million service locations, expanding services to all 50 states and 20 countries, and successfully completing the process of becoming public on the NYSE ... I know our platform, technologies, teams, and leadership are in good hands.”
As part of the transition, Founder SPAC CEO Osman Ahmed has been named as lead independent director. Rodoni has also been appointed to the board. Rodoni joined Rubicon as chief technology officer in 2015, following time at companies such as Esurance, Charles Schwab and Travelzoo.
“I am greatly honored and excited by the opportunity to lead Rubicon. The company is on a path of rapid growth as we scale our industry-leading technology platform to transform the $2.1 trillion global waste and recycling market,” Rodoni said in a statement. “Becoming a publicly listed company on the New York Stock Exchange earlier this year was a tremendous step toward this effort, and I look forward to leading the company as it continues to help businesses and governments around the world use technology to drive environmental innovation.”
According to the company release, Rodoni will be focused on goals such as “accelerating the company’s progress to profitability, investing in Rubicon’s leading digital marketplace and suite of products, and further developing the strategic vision and execution plan for Rubicon’s next phase of growth.”
