[Editor’s Note: Covanta operates waste-to-energy facilities in New Jersey in Newark, Rahway, Union and Camden. Its global headquarters is located in Morristown. The company’s waste-to-energy plants are located in New York in West Babylon, Westbury, East Northport, Ronkonkoma, Niagara Falls and Jamesville. Its waste -to-energy facilities are located in the Pennsylvania towns of Chester, Harrisburg, Bainbridge, Conshohocken, and York.]
:By E.A. Crunden and Cole Rosengren, Waste Dive
Covanta announced plans for a wholesale strategic review and multiple significant changes during its third quarter earnings call, including the departure of CEO Steve Jones. Board member Michael Ranger will now serve as CEO and president as the company rethinks its priorities.
Sam Zell, board chairman, said Covanta’s underlying business remains fundamentally strong but that “value has not translated to our stock price in a demonstrable fashion” meaning now “everything will be on the table for review.”
Zell pledged a “pretty radical change in direction” that could potentially see the company changing operations, selling assets and/or focusing more on its U.K. business, even as Ranger said Covanta would not rule out new U.S. plants. Other senior personnel changes include the elevation of Derek Veenhof to COO, and Timothy Simpson to chief administrative officer.
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