Rubicon Technologies Inc. (NYSE: RBT) has a new top executive.
The Lexington, Kentucky-based company's board of directors named Phil Rodoni, former chief technology officer, as the new CEO, effective Oct. 13. Co-founder and former CEO Nate Morris will continue to serve as chairman of the board, director and strategic advisor during the succession period, according to a news release.
Additionally, Osman Ahmed has been named as lead independent director.
Rodoni’s appointment to the role of CEO is a key part of Rubicon’s strategic plan as the company works to achieve its mission of ending waste through the digital transformation of the waste and recycling industry, the release continued.
Rodoni has served as Rubicon’s chief technology officer since 2015. He came to Rubicon from Esurance where he held the role of vice president of software development. Prior to that, Rodoni also worked in senior technology positions at Charles Schwab and Travelzoo. Rodoni holds a Bachelor of Arts in Economics from the University of California at Berkeley, and a MBA from the Haas School of Business.
“I am greatly honored and excited by the opportunity to lead Rubicon. The company is on a path of rapid growth as we scale our industry-leading technology platform to transform the $2.1 trillion global waste and recycling market,” Rodoni said in the release. “Becoming a publicly listed company on the New York Stock Exchange (NYSE) earlier this year was a tremendous step toward this effort, and I look forward to leading the company as it continues to help businesses and governments around the world use technology to drive environmental innovation. I would like to thank Nate for his leadership and support over the years, and for steering Rubicon to the heights of success we have reached today.”
In his new role, Rodoni will focus on a number of core goals for Rubicon, including accelerating the company’s progress to profitability, investing in its digital marketplace and suite of products and further developing the strategic vision and execution plan for its next phase of growth.
“We are confident Phil is the right leader to accelerate Rubicon’s growth as a public company and we look forward to working with him as he executes on his strategic vision for the company,” Board Member Andres Chico said in the release. “In addition, we are grateful to Nate Morris for his many contributions to the company for more than a decade as founding CEO and as chairman. Under Nate’s leadership, Rubicon has become a widely recognized catalyst for change across the waste and recycling industry, and we thank him for his longtime commitment and vision.”
As KY Inno previously reported, Morris founded Rubicon in 2008 with a $10,000 line of credit. He moved the company's headquarters from Atlanta back to Kentucky in 2021. Earlier this year, he was recognized as a regional EY Entrepreneur of the Year.
“Leading Rubicon from its founding has been an absolute privilege,” Morris said. “Looking back on the last decade, I am immensely proud of what we have achieved — establishing more than 8 million service locations, expanding services to all 50 states and 20 countries, and successfully completing the process of becoming public on the NYSE. I have appreciated the opportunity to work with the Board to ensure the company builds on our track record of achievements and fulfills our mission to end waste. I know our platform, technologies, teams and leadership are in good hands.”
Rubicon went public in August via a special purpose acquisition company (SPAC) deal, raising $196.8 million in gross proceeds. Its share price, which started at $6, has fallen to about $1.
Rubicon's second quarter revenue totaled $165 million, an increase of 20% compared to $138 million in the second quarter of 2021, according to an earnings release.
