Alan Handley is departing his role as president and CEO of Illinois-based LRS after a decade with the company.
The move has been in progress for multiple weeks, but was not finalized until today according to Handley. Neither party commented on what prompted the change.
“Alan Handley has decided to move on to pursue other opportunities. He wishes LRS continued success. The board of directors is conducting an active nationwide search for a new CEO. Until a new CEO is hired, an interim committee will lead the company and operations at LRS will continue as usual,” said Emily Olson-Torch, senior vice president of sales and marketing for LRS, in a statement.
The company’s board of directors includes multiple industry veterans such as Joshua Connell, LRS co-founder and managing partner, and Kevin Walbridge, a former top executive at Republic Services and Progressive Waste Solutions, among others.
Handley joined LRS as a co-managing partner and CFO in 2013, following its formation from the late 2012 combination of two Chicago-area companies — Recycling Systems and Lakeshore Waste Services. His background includes leadership and accounting roles at Aldridge Electric, KPMG and other companies.
“From our humble beginnings that started with just 120 employees and less than $50 million in sales in Chicago to our unprecedented growth into one of the largest, most respected independent waste and recycling companies in North America, it has been my true privilege serving the nearly 3,000 men and women of LRS over the last 10 years,” said Handley in a statement. “Their passion and commitment to each other, to a safety culture, our customers and the circular economy is the driving force behind the unparalleled success that LRS experienced during my tenure.”
Handley hasn’t announced further plans, but noted he wished “all my teammates at LRS the absolute best” and is “excited to see all the great things that LRS will do in the future.”
According to LRS, the company earned more than $600 million in annual revenue during 2022. That has been fueled by investments from multiple financial partners. Most recently, in 2021, LRS became a portfolio company of a Macquarie Asset Management fund.
In February, LRS completed a corporate restructuring to support an “aggressive growth strategy.” The company created three autonomous regions — LRS Great Lakes, LRS Central and LRS South — and promoted over a dozen leaders within the organization.
At the time, LRS said it was the industry’s “fifth largest privately-held waste and recycling company” and had grown to 2,700 employees with 88 facilities. The company currently does business in Arkansas, Indiana, Illinois, Iowa, Kansas, Michigan, Minnesota, Tennessee and Wisconsin. In addition to operating collection services, MRFs, landfills and other assets, LRS also provides services such as portable restroom rentals and street sweeping.
The company has grown rapidly through dozens of acquisitions, but has been less active this year. In January, it announced the purchases of Michiana Recycling & Disposal Service and Modern Waste Systems.