Shortly after announcing that Safety-Kleen Corp., Plano, Texas, has emerged from Chapter 11 bankruptcy protection, Chairman, CEO and President Ronald Rittenmeyer has indicated he will be leaving the company.
The industrial waste management and oil recycling and refining company has been operating under Chapter 11 since June 2000, when it voluntarily filed for protection from creditors. After skipping interest payments, Safety-Kleen's auditor turned over financial statements to regulators, which opened an investigation into accounting irregularities.
Rittenmeyer, who joined Safety-Kleen in 2001, was instrumental completing the bankruptcy process, including orchestrating a company reorganization. “Bringing Safety-Kleen out of bankruptcy was an extremely challenging and rewarding opportunity,” he says. “Now, it's time to complete the transition and bring in a new executive.”