Viridor makes two executive changes

Viridor Ltd., a large recycling and residual waste business based in the U.K., has announced that Phil Piddington plans to step up as the company’s chief executive officer. Piddington has been the company’s managing director since 2016. The personnel change comes only a few months after the company announced that it was being sold to Planets UK Bidco Ltd., a newly formed company established by funds advised by Kohlberg Kravis Roberts & Co. LP (KKR) for 4.2 billion pounds sterling, or $4.8 billion. 

According to a news release from Viridor, the company’s investment in U.K. recycling and energy recovery infrastructure is set to continue on pace with the support of KKR, following the successful completion of the acquisition.

“We see enormous potential for Viridor as a standalone business,” says Tara Courtney Davies, head of European Infrastructure for KKR. “The company is already a sector leader with a strong platform and an experienced management team. With KKR’s support, Viridor is uniquely positioned to invest further and continue to build critical infrastructure, helping the U.K. meet long-term sustainability and environmental goals.”

Viridor has also announced the appointment of Ian Wakelin as chairman. Wakelin had been retired for a few years and prior to that he served as chief executive officer of Biffa plc., a waste management firm in the U.K., for about eight years. 

“Viridor is clearly well positioned to continue to deliver excellent growth, and this is enhanced by the investment from KKR, a group which values infrastructure development,” Wakelin says. “Viridor has a clear strategy based on market demand and a real understanding of the challenges and opportunities in this sector based on years of experience. I look forward to working with the Viridor management team over the coming years to deliver their vision for the company.”

Piddington adds that Viridor plans to continue to advance its plans for future growth with infrastructure investments backed by long-term contracts. He says the company is considering options for three more energy recovery facilities, including a new plant at Ford in West Sussex and another joint venture with Grundon Waste Management. 

He says, “This supports market demand for landfill-diversion facilities, which produce low-carbon heat and power and contribute to U.K. resource and energy efficiency.”