Why the Cleanaway (ASX:CWY) share price will be in the spotlight today

The Cleanaway (ASX: CWY) share price will be one to watch today after the company announced a leadership change. We take a closer look.

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The Cleanaway Waste Management Ltd (ASX: CWY) share price will be one to watch on Monday morning. This follows the waste management company’s announcement of a new appointment to its senior leadership team.

At Friday’s market close, the Cleanaway share price was trading at $2.80.

What did Cleanaway announce?

Cleanaway shares will be in focus this morning after the company advised it has appointed Mark Schubert as its new CEO and managing director.

Mr Schubert’s appointment comes after having served 4 years as integrated gas executive general manager for Origin Energy Ltd (ASX: ORG). Prior to that, he held a number of senior positions over 18 years within the industry.

Management highlighted Mr Schubert’s track record of operating and transforming major assets, including world-class LNG projects and oil refineries.

Cleanaway executive chair Mark Chellew recognised Mr Schubert’s proficiency, saying:

…Mark brings a wealth of senior executive experience, has proven his ability to lead large and complex businesses, and is a strong fit with our strategy and culture.

Mark will work with our executive team to build on the momentum in our business including our recently announced asset acquisitions from Suez.

Incoming CEO and managing director Mr Schubert went on to add:

I am really looking forward to working with the Cleanaway team across Australia that every day deliver essential services to the communities that they serve. Cleanaway is not only a well performing business but excitingly is also ideally positioned to capture emerging waste streams and future re-use opportunities.

The engagement of Mr Schubert will take effect in the new financial year (after 30 June 2021). Mr Chellew will remain as executive chair until then and continues to be supported by chief operating officer Brendan Gill.

While the official leadership change is a couple of months away, Mr Schubert’s announced appointment will make the Cleanaway share price one to watch today.

Cleanaway share price performance

Since May 2020, the Cleanaway share price has been largely moving in circles. The company’s shares, however, took off last month after it provided notice of an acquisition on the Suez business.

Overall, Cleanaway shares are up almost 50% from this time last year and are around 20% higher year to date.

Cleanaway commands a market capitalisation of roughly $5.7 billion, with approximately 2 billion shares outstanding.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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