– UK, High Wycombe – Biffa PLC (LSE:BIFF) today announced that Chief Executive Officer Ian Wakelin has advised the Board that he no longer wants to hold a full time executive role and that he therefore intends to leave the Company once the Board’s succession plan has been implemented.
The Board is pleased to announce that, consistent with that succession plan, Michael Topham, Chief Financial Officer will succeed Ian. Ian will remain as CEO and Michael as CFO until a successor CFO has been appointed.
Michael Topham joined Biffa in September 2010 when it acquired Greenstar UK where he was Finance Director. At Biffa, he has previously held the roles of Divisional Managing Director and Divisional Finance Director before being appointed to his current role of CFO in 2013. Michael trained and qualified as a chartered accountant with PwC in London.
Ken Lever, Chairman, commented: “On behalf of everyone at the Company, I would like to say thank you to Ian for everything that he has done for the business and to wish him and his family well for the future.
“Ian can feel extremely proud of what he has achieved at Biffa. He will be leaving a business in good health, the result of the growth strategy which he and his colleagues have been implementing for the last eight years.”
“We are delighted that Michael will be Ian’s successor. Michael has played a major role in the development of the Group and the evolution and implementation of its strategy since he joined the business in 2010. Moreover, he played a central role in, and has become widely regarded since, the Group’s IPO. We believe the business will continue to be in excellent hands when Ian hands over the reins to Michael.”
Ian Wakelin, CEO, commented: “I will be very sad to leave Biffa. I have thoroughly enjoyed the last eight years and will leave satisfied that we have achieved a great deal including successfully bringing the business back to the stock market.
“I would like to thank all of my colleagues across the business for their support and commitment over the years. Biffa is a great business with a great future ahead of it. I wish Michael every success for the future as he takes the business on to a new and exciting stage in its development.”
The Board is also pleased to announce the appointment of Carol Chesney as a Non-Executive Director with effect from 12 July 2018. Carol will also assume the role of Chair of the Audit Committee, in place of David Martin who was appointed interim Chairman earlier this year.
Carol is a Fellow of the Institute of Chartered Accountants in England and Wales, and qualified with Arthur Andersen in the UK. Since 1998, Carol has been Company Secretary of Halma plc, and prior to this role, Carol was Halma’s Group Financial Controller with oversight of all day-to-day financial planning and reporting matters. Carol is a Non-Executive Director of Renishaw plc, where she has been Chair of the Audit Committee since 2012 and, since April 2018, a Non-Executive Director and Chair of the Audit Committee of Hunting plc.
Ken Lever, Chairman, commented: “I am delighted that Carol Chesney is joining the Board. Carol with her broad business background and wealth of financial and corporate governance experience will be a valuable addition to the Biffa Board”.
The Board further announces today that it is looking to appoint to the Board another Non-Executive Director and a search process will commence shortly.
Biffa is a leading UK-based integrated waste management business. The Group operates across the breadth of the waste management value chain, including the collection, treatment, processing and disposal of waste and recyclable materials, as well as related work in the production and sale of energy derived from waste and the sale of recovered commodities such as paper, glass, metals and plastic. Biffa’s customer base for these services includes local authorities (which includes the collection of waste from households), large corporates and SMEs, and purchasers of end-product commodities and energy. The Group’s services are organised across four operating divisions: Industrial & Commercial; Municipal; Resource Recovery & Treatment (RR&T); and Energy. In FY 2018, the Group’s total revenue was £1,076.7 million and its Underlying EBITDA was £150.0 million. Biffa was admitted to trading on the London Stock Exchange’s main market for listed securities in October 2016 under the ticker “BIFF”.
For more information : https://www.biffa.co.uk
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