Covanta Launches Strategic Review, CEO Steps Down

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In a Form 8-K filed on October 29, 2020, Covanta Holding Corporation announced the launch of a comprehensive strategic review of the Company’s operations, growth priorities and capital structure. The board of directors has also appointed Michael Ranger as President and Chief Executive Officer to lead this review and its subsequent execution. Ranger succeeds Stephen Jones, who is stepping down from his roles at Covanta. “Even as the Company’s underlying business continues to perform well, particularly during the pandemic, the board believes that the value of the Company’s assets and potential are not fully reflected in the market today. Therefore, this strategic review is a well-timed opportunity to explore all options to enhance shareholder value, including assessing plans for each of our business lines and geographies. This review will be broad in scope and will be completed in due course,” according to the release.

Sam Zell, Chairman of the Board, says: “We believe that now is the right time to review and refocus our strategy to capitalize most effectively on Covanta’s strengths…”

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