Augean loses another chief executive
YORKSHIRE-BASED hazardous waste company Augean today announced the departure of its second chief executive in little more than a year.
The Wetherby-based group had hoped that the arrival of Peter Worlledge earlier this year would allow it to move forward after two profits warnings.
But this morning it announced that he was stepping down from the board “by mutual consent” just eight months after taking the helm.
Augean's twin operations provide landfill for hazardous waste and it also treats the waste before it goes underground.
The group said that its annual results, due to be announced in March, “are anticipated to be in line with market expectations”.
Commercial director Paul Blackler, who has been with Augean since it floated on the Alternative Investment Market (AIM) in September 2004, will step up to chief executive.
In a statement to the stock market, Augean said: “Paul is one of the most experienced waste executives in our sector and is highly regarded
within our industry.”
Augean is named after the stables that, in Greek mythology, Hercules laboured to clear out.
It was founded by John Huntingdon, who worked for Yorkshire-based Waste Recycling and left when it was bought by financier Guy Hands' investment vehicle Terra Firma for £315m in 2004.
Mr Huntingdon left his role as chief executive of Augean in October last year at cost of around £200,000 in compensation.
It is not known whether his successor Mr Worlledge has been paid compensation.
He joined from Waco UK, the designer, manufacturer and distributor of modular buildings, where he was managing director.
Announcing the group's annual results in March this year, chairman David Williams admited that it had faced”challenges” including coping with the demands of new legislation into the pre-treatment of waste.
He said at the time that the group had put its “internal issues” behind it and wanted to focus on growth, including acquisitions.
In the year to December 31 2006 Augean saw a 24% increase in operating profit before good-will, amortisation and exceptional items to £4.6m on turnover, excluding landfill tax, which rose 14% to £21.4m.
