Shanks Group finance director Chris Surch will be taking over as acting chief executive when Tom Drury leaves on Friday.
The waste management company reported the temporary appointment in its trading statement for the first six months of 2011. It added that search for a replacement chief executive is “well advanced” and a further announcement will be made in due course.
Reporting other developments in the business, Shanks said trading has been in line with expectations, with continued strong underlying business growth. It stated that stable recyclate prices and cost savings had offset ongoing pricing pressures in its Netherlands operations, while Shanks has benefitted from the strong euro across the period.
Financial close for its Barnsley, Doncaster and Rotherham PFI contract is expected by the end of the year.
Shanks Group chairman Adrian Auer said: “We are pleased with the trading performance in the first half of the year. Market conditions remain in line with our previous expectations, and we continue to make good progress in implementing our strategy of delivering sustainable alternatives to landfill and mass-burn incineration.
“While the board is mindful of the continuing uncertain macro-economic environment, we remain on track to achieve the board’s expectation for the full year.”