The chief executive of Progressive Waste Solutions is leaving the company as of Friday, before the company completes a deal to become part of an enlarged North American solid waste collection and landfill operation.
The Toronto-area company says current CEO Joseph Quarin will be replaced by Dan Pio, who has been leading efforts to combine Progressive with Texas-based Waste Connections in a stock deal worth several billion dollars.
Progressive said on Jan. 19 that its chief operating officer and chief financial officer were leaving immediately and made clear that Quarin would also depart – without giving a definitive time for his exit.
The chair of Progressive's board of directors said Monday that Pio has been doing "an excellent job" and that he is the right person to assume the responsibilities of the CEO role and take the merger across the finish line.
Quarin said in the same statement that he was "extremely proud" of what Progressive has accomplished while he was CEO and confident it would "be in good hands" under his successor.
The deal will merge two of North America's biggest solid-waste operations and create a new Canadian corporate entity that's 70 per cent owned by shareholders of Waste Connections and 30 per cent by shareholders of Progressive Waste.