(Alliance News) - Biffa PLC on Friday said that Richard Pike has resigned as chief financial officer, two months after Biffa agreed to a GBP1.3 billion takeover offer from private equity firm, Energy Capital Partners LLC.
The High Wycombe, England-based waste management company said Pike will leave no later than April 30 next year. It didn't say if or how he will be replaced.
Biffa accepted the offer from ECP in late September and earlier this week said it expects the takeover to be effective in the first quarter of 2023. ECP is an investor in the fields of energy transition, renewables and infrastructure.
Pike has been appointed as the new finance director of DS Smith PLC, a London-based packaging firm.
Pike will take on his new role with effect from Adrian Marsh's retirement next summer, subject to his election at the company's September 2023 annual general meeting.
"We are delighted that Richard is joining us at a very exciting time for DS Smith. Richard has an excellent track record as a CFO in manufacturing businesses and great experience in the recycling and sustainability sectors," said DS Smith Chief Executive Officer Miles Roberts.
Biffa CEO Michael Topham said: "Richard has contributed significantly to the strong performance of our business and the development and delivery of our strategy, as we have repositioned Biffa as an enabler of the circular economy."
Biffa shares were trading 0.2% higher at 407.40p each in London on Friday morning. The takeover offer from ECP is for 410p in cash.
DS Smith shares were trading 0.1% higher at 304.80p each in London on Friday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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