Tony Busseri, a well-known executive in the waste management and environmental cleanup business, has been named CEO of Ottawa’s Environmental Management Solutions Inc. (EMS), replacing interim CEO Michael MacDonald. MacDonald has filled the position left vacant after the removal of company founder Frank D’Addario less than a month ago.
Busseri’s most recent job was as a principal at Growth Equity Partners, an advisory and private equity fund that he founded in 2001. From 1997 to 2000, Busseri was founding president and CEO of Capital Environmental Resource Inc. Renamed Waste Services Inc., the Burlington, Ontario-based company is listed on the Nasdaq.
Capital changed its named after acquiring Waste Services for $25.3 million in December 2001. Waste Services owned and operated landfill, collection and transfer operations in Ottawa and Brockville. Waste Services has since increased its efforts to expand into the U.S. It reported revenues in the last fiscal year of US$126.8 million.
In August, EMS reported that revenues in its second quarter jumped 445 per cent from the year before, to CDN$29.2 million from $5.4 million, driven by the added operations of big acquisitions carried out in the past year in Quebec and southern Ontario.
EMS reported a net loss for the quarter of $1 million, or three cents a diluted share, compared with a net loss of $100,000, or roughly even on a per-share basis, a year ago.