New CEO for Rubicon : Rubicon founder Nate Morris steps down as CEO
Rubicon founder Nate Morris has stepped down as CEO only two months after the company public. The Board of Directors have appointed chief technology officer Phil Rodoni as his successor.
Rubicon is a digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide. The Kentucky-based company first announced its plan to publicly trade on the New York Stock Exchange back in December 2021 after entering into a merger agreement with Founder SPAC, a publicly-traded special purpose acquisition company. But the merger took longer than anticipated and yielded lower proceeds than projected. Before the company started trading mid-August 2022 they announced an expected revenue of $736 million for 2022. Even though the company started strong on the NY stock exchange it has seen a financial standing decline ever since.
Future challenges for company
Morris founded the company in 2008. Morris will continue to serve as chairman of the board, director, and strategic advisor through a succession period and may continue as a board member thereafter.
“Leading Rubicon from its founding has been an absolute privilege,” said Morris in a statement. “Looking back on the last decade, I am immensely proud of what we have achieved – establishing more than 8 million service locations, expanding services to all 50 states and 20 countries, and successfully completing the process of becoming public on the NYSE. I have appreciated the opportunity to work with the Board to ensure the company builds on our track record of achievements and fulfills our mission to end waste. I know our platform, technologies, teams, and leadership are in good hands.”
As part of the transition, Founder SPAC CEO Osman Ahmed has been named as lead independent director. Rodoni has also been appointed to the board. Rodoni, who has also been appointed to the board, has served as Rubicon’s chief technology officer since 2015 after working at companies like Charles Schwab and Travelzoo.
“I am greatly honored and excited by the opportunity to lead Rubicon. The company is on a path of rapid growth as we scale our industry-leading technology platform to transform the $2.1 trillion global waste and recycling market,” said Rodoni. “Becoming a publicly listed company on the New York Stock Exchange earlier this year was a tremendous step toward this effort, and I look forward to leading the company as it continues to help businesses and governments around the world use technology to drive environmental innovation. I would like to thank Nate for his leadership and support over the years, and for steering Rubicon to the heights of success we have reached today.”