Change in directors is no big deal Wunderlich addressed it yesterday CLH
06-Feb-13 08:04 ET
Clean Harbors management change; no smoking gun, Safety-Kleen integration on plan - Wunderlich (53.04 )
Wunderlich notes Robert Gagnon, who took on the CFO post in August 2012, tendered his resignation from CLH effective early March. James Rutledge resumes his former post as CFO. For the time being, the newly created COO post is dormant. No search is planned for the CFO slot until the Safety-Kleen integration is completed. Firm assumes this will take nine months. At that time, the senior leadership structure will be revaluated.
Clean Harbors ticking lower after Herb Greenberg discusses yesterday's CLH disclosure of CFO resignation in 8-K (52.82 -0.22) -Update
As mentioned yesterday, CLH disclosed yesterday that "on February 4, 2013, Robert E. Gagnon resigned as our Chief Financial Officer. Mr. Gagnon, who has served as Chief Financial Officer since August 2012, will continue to perform transitional services until March 31, 2013. Mr. Gagnon did not resign due to any disagreement with the Company regarding any matter relating to the Company's operations, policies, practices or financial statements."
See CLH archives for further color.
06-Feb-13 14:40 ET
ScalpTrader: CLH -- Traders leaning on CLH after Herb Greenberg (on CNBC) attempts to create some mystery surrounding CFO departure. Note that news was out yesterday and at least one firm has already discussed the topic (see 08:04).