Welsh quits as chief of Waste Recycling

CHRIS WELSH has resigned his post as chief executive of Waste Recycling, the pounds 511m waste processing company. He left the business on Friday following a unanimous board resolution.

No successor has been appointed. However, Mr Welsh's responsibilities are to be assumed by John Huntingdon, who steps up from group operations director to group managing director.

Mr Welsh joined Waste Recycling as chief executive in January from Yorkshire Water, after Yorkshire swapped two of its waste processing assets for a 46 per cent stake in the company. Waste Recycling is cutting 111 jobs following the acquisition.

"He wasn't the right person to take the group forward," said Mr Huntingdon. "The jury is out on whether I will succeed him."

Bill Trendell, the finance director, said: "The job spec for the new chief executive hasn't been completed yet, but John will be in a good position, obviously."

However, the company said it was looking to do a sizeable deal which could possibly provide it with a chief executive.

It is thought there was a clash of personalities between Mr Welsh and Paul Rackham, the group's executive deputy chairman who holds a pounds 17m stake in the company.

Mr Rackham was due to retire at the end of the year but will now stay on until a new chief executive is appointed.

Mr Welsh will receive a year's pay and benefits. Last year his basic salary was pounds 120,000. He will also retain share options to be exercised at 479p, currently above the group's share price.

Investment column, page 20