Reconomy Group CEO Paul Cox Steps Down after 23 Years to Take Role as Founder Director on the Group
TELFORD, UK, 14 December 2022 – Reconomy Group, the technology-led provider of services for the circular economy announces that Paul Cox has decided to step down as Chief Executive Officer. After a distinguished and successful 23-year career with the Company Paul will transition to the role of Founder Director on the Group Board in January 2023.
Since joining Reconomy in 1999, initially as Operations Director, and serving as CEO for nearly 13 years, Paul has delivered transformational growth and spearheaded Reconomy Group’s successful evolution to becoming the leading provider of technology-led services to the worldwide circular economy, meaningfully contributing to a truly sustainable world. In that period, Paul’s energy and thought leadership has been instrumental in growing the business’ revenue and profitability more than tenfold, creating an international group with revenues of £1billion. Through a focus on innovation, organic growth and key acquisitions, Paul has developed leading market positions in the recycle, compliance and re-use segments of the sustainability sector. He has transformed Reconomy from a UK SME into an international business of scale with a unique offering and a bright future. In October this year, Reconomy Group was awarded the British Private Equity & Venture Capital Association (BVCA) Award for Excellence in ESG.
Paul will work closely with the Board and his successor to support the continued evolution of the business, actively contributing to the Group’s corporate development and retaining personal responsibility for Reconomy Group’s social value programme RSVP. Paul’s unwavering vision of technology-enablement, dynamic and accurate data for customers and dedicated service propositions for a broad range of industries will remain at the core of Reconomy Group’s strategy. Following the conclusion of a succession planning process, Reconomy Group’s new chief executive will be announced in January.
Paul Cox commented: “It has been an honour to develop and work with such a talented and dedicated team over the last 23 years and I am so proud of all we have achieved. Thanks to our hard work, Reconomy Group is delivering industry-leading circular economy solutions that allow businesses to achieve their sustainability goals. I am confident this is the right time for me to take this decision, for me personally and for the continued execution of the Company’s long-term strategic plan. I look forward to supporting the new chief executive during this next phase of our growth as a member of the Board.”
Bob Ellis, Chair of Reconomy Group, commented: “Paul has led the creation and growth of Reconomy over more than two decades, transforming the business into a leading provider of technology-led circular economy services to brands around the world. During his tenure as CEO, Paul made a significant contribution to businesses that want to improve their ESG outcomes, conserve natural resources, and embrace the circular economy. Very few people can match his significant contribution to creating a more sustainable world. I look forward to continuing to work with Paul on the Board as we evolve and grow the business in this exciting next phase of its development.”
Paul Cox Biography
Paul is a multi-award-winning entrepreneur and business leader that has taken Reconomy Group on a transformational growth journey over the past 23 years. Paul entered the waste industry at 20 years old, starting as a driver and then subsequently creating and operating various waste businesses. He joined Reconomy in 1999, firstly as Operations Director and then played a key role in the management buy-out (MBO) in 2001. Growing the business successfully on the back of a best-in-class service for clients in housebuilding and construction, Reconomy then took private equity investment in 2006 with Bregal Capital becoming majority shareholder.
Following the economic crash of 2008, Paul, now CEO, re-focused Reconomy on a strategy of technology-enablement, dynamic and accurate data for customers and dedicated service propositions for a broader range of sectors including infrastructure, utilities and commercial industry. Paul’s passion, forward-thinking and demands for innovation have seen Reconomy Group grow exponentially from £87m turnover in 2015 to over £800m in 2021, now offering comprehensive solutions to leading brands across the world that want to adopt circular economy approaches.
2017 was a milestone year for Paul and the company. There was a further ownership change with EMK Capital becoming majority shareholder, Reconomy was named Company of the Year in the Shropshire Business Awards and Paul was named EY Entrepreneur of the Year in the Transformational Leader category. Further recognition was received in 2018 as Paul featured in the LDC Top 50 most ambitious business leaders, in 2021 with Reconomy receiving the Queen’s Award for Enterprise in the Innovation category and finally with the CEO Today Europe Award in 2022.