Former Balfour Beatty UK chief executive Nick Pollard will become the new CEO of Cory Environmental Group next week.
Mr Pollard, formerly of Bovis Lend Lease, Skanska and Balfour Beatty, will replace Peter Gerstrom as CEO.
Mr Gerstrom has spent five years as chief executive at Cory and will now become deputy chairman.
Cory slumped to a pre-tax loss of £46.9m last year, having made a profit of £8.4m the year before.
In August it announced a restructuring of its balance sheet with a debt-for-equity swap at the holding company to reduce debt by around £120m.
Its largest shareholders are Barclays, Commerzbank, EQT and Strategic Value Partners. Betwen them, they own 77 per cent of the equity.
In August the company said: “The business continues to perform very well operationally and financially, and is ahead of budget this year.”
Welcoming Mr Pollard to the company, its chairman Jonson Cox made reference to his having “led significant business improvement in challenging conditions over the last decade”.
He said: “I am delighted to be joining Cory Environmental Group. I believe the group holds a unique position in the UK’s circular economy.
“We have long-term waste collection and recycling contracts across the UK; a successful maturing landfill business that generates electricity from methane gas; and at its heart the group operates one of Europe’s most efficient energy-from-waste facilities, fed by a fleet of barges that form a low-carbon network for turning London’s domestic commercial and industrial waste into green energy.
“The team at Cory have much to be proud of, and I look forward to putting my shoulder to the wheel in the days ahead to make a difference.”
Financial performance (Cory Environmental Holdings):
For the year to 31 December 2014:
Turnover: £277.9m (2013: £275.1m)
Operating loss: £7.7m (2013: operating profit £49.6m)
Pre-tax loss: £46.9m (2013: pre-tax profit £8.4m)
Cory Group chairman Jonson Cox said: “I would like to thank Peter for his leadership of the company over the last five years and am also pleased that we will continue to have Peter’s advice and counsel available to us as we go forward.”
He said Mr Pollard had “led significant business improvement in challenging conditions over the last decade, notably at Bovis Lend Lease, then more recently at Balfour Beatty”.
“Nicholas is a proven leader who successfully works with and develops people and teams.
“I welcome Nicholas to Cory. He brings a strong customer and commercial focus, bundles of determination and very relevant experience of an asset-based business. I welcome him on board,” Mr Cox added.