Waste Connections, Inc. has announced the appointment of Worthing F. Jackman, the Company's President, to President and Chief Executive Officer. He has also joined Waste Connections' Board of Directors. In addition, the company announced that Ronald J. Mittelstaedt has returned from his temporary leave of absence and assumed the role of Executive Chairman of the Board of Directors. As Executive Chairman and as a continuing employee, Mr. Mittelstaedt will assist in several areas, including culture, strategy and mergers and acquisitions.
"After almost 22 years, it's time for me to step away from day-to-day operations to provide sufficient time to address health matters affecting my family," said Mr. Mittelstaedt. "I am grateful to all of our stakeholders—customers, shareholders, lenders, vendor partners and most of all, our employee family—for the trust they have placed in Waste Connections. I remain committed to the Company and look forward to continuing to serve in my capacity as Executive Chairman. It has been a tremendous honor and privilege to lead Waste Connections, and I look forward to continued success for the Company under Worthing, a trusted and respected leader in whom I have complete confidence."
In September 1997, Mr. Mittelstaedt founded Waste Connections and took the Company public in May 1998 at approximately $30 million in revenue. Since that time, Waste Connections has grown to over $5.3 billion in revenue, with an equity market capitalization of approximately $25 billion, delivering sector-leading total shareholder returns of approximately 4,000%. Under Mr. Mittelstaedt's stewardship as Chief Executive Officer and Chairman, Waste Connections has become the third largest solid waste company in North America, expanding operations to 42 states in the U.S. and six provinces in Canada, with more than 18,000 employees serving more than seven million customers.
"Few individuals have had as profound an impact on a company or created as much shareholder value as Ron and his team," said Michael Harlan, Waste Connections' lead independent director. "Ron has a track record of success that is unparalleled in the industry and has set the standard for excellence as a servant leader with a focus on culture and people. We are confident that he will continue to be impactful in his new role, while also having greater flexibility to devote time to his family. We are grateful for all that Ron has done for the Company, its stakeholders and the communities we serve, and we are extremely pleased that he will continue to serve as Executive Chairman."
Mr. Jackman has been an integral part of Waste Connections since its inception, originally as its investment banker. He joined the Company in 2003 and has been a member of the senior executive team since 2004, when he assumed the role of Chief Financial Officer. Mr. Jackman was promoted to President in July 2018 and has served as the Company's Principal Executive Officer since February 2019.
"In the more than 20 years he has been affiliated with Waste Connections, Worthing has proven to be an outstanding business executive and leader, with a commitment to furthering the Company's strategic vision and a relentless focus on growth, culture, execution, accountability and value creation. He has been instrumental in our success and is a respected member of the leadership team, both across the Company and within the industry and the broader investment community," said Mr. Mittelstaedt. "Our Board has great confidence in Worthing, and we believe that he is the right person to lead the Company."
"We have tremendous opportunities looking ahead," said Mr. Jackman. "It is a privilege to lead a long-established team that is well-positioned to drive further shareholder value creation through the solid foundation built under Ron's leadership. And as a servant leader, I am especially humbled, and have an unending commitment, to serve the more than 18,000 dedicated employees whose tireless efforts are integral to the Company's continuing success."
Q2 2019 Conference Call
Waste Connections will be hosting a conference call related to second quarter earnings on July 30th at 8:30 A.M. Eastern Time. To access the call, listeners should dial 800-768-9711 (within North America) or 212-231-2912 (international) approximately 10 minutes prior to the scheduled start time and ask the operator for the Waste Connections conference call (a passcode is not required). A replay of the conference call will be available until August 6, 2019 by calling 800-633-8284 (within North America) or 402-977-9140 (international) and entering Passcode #21925963. The call will be broadcast live over the Internet through a link on the Company's website at www.wasteconnections.com. A playback of the call will be available on the Company's website.