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WasteCo to shed poor-performing businesses and raise cash
['Rebecca Stevenson']
BusinessDesk | NZ breaking news and commentary on business, NZX and politics
WasteCo chair Sean Joyce says the relationship with co-founder and shareholder Carl Storm has improved.
(Image: BusinessDesk composite)WasteCo plans to raise new equity and sell non-core assets within three months as part of an aggressive turnaround plan.
On Monday afternoon, fresh from announcing a new chief executive and two new regional managers, the company said it would divest or wind down non-core, poorly performing businesses, reduce costs and improve efficiencies to boost its financial performance and ultimately its share price.
The company's share price has cratered, its financial performance has underwhelmed, and some shareholders have gone public with...