Dougie Sutherland has been appointed as the new CEO of resource management firm Cory Riverside Energy.
Sutherland will replace outgoing CEO Nicholas Pollard after he fulfilled his commitments to shareholders in the wake of the company’s acquisition in June 2018, in a £1.5 billion deal with a consortium of infrastructure investors: Dalmore Capital, Fiera Infrastructure, Semperian PPP Investment Partners and Swiss Life Asset Managers.
Sutherland, whose appointment will be effective as of 23 April, has 20 years of experience in infrastructure across the private and public sectors. Most recently, he was Executive Director at government contractor and construction company Interserve, which went into administration in March after amassing debts of £480 million.
A large portion of Interserve’s problems came from its unsuccessful attempt to enter the energy-from-waste (EfW) sector. In 2017, Interserve stated that the costs from its EfW contracts, including the Glasgow Recycling and Renewable Energy Centre, would exceed £160 million.
Sutherland will be expected to play a leading role in Cory’s future projects, including the proposed expansion of its Riverside Energy Park, which hopes to double the processing capacity of the site in Belvedere, East London, where the current incinerator deals with 750,000 tonnes of residual waste every year. The Belvedere incinerator was previously the subject of a £530-million debt-refinancing package in April 2017.
Commenting on Sutherland’s appointment, John Barry, Chair of Cory, said: “We are delighted to welcome Dougie Sutherland at this exciting next stage of Cory’s development. I am confident that Dougie’s experience and drive to deliver impactful results, alongside his public service credentials, make him the perfect fit for Cory. We wish him well in his new role and look forward to working with him in the years ahead.”
Nicholas Pollard, outgoing CEO, added: “I wish Dougie well in his new role at the helm of Cory. The shareholders’ selection of Dougie reflects the wealth of infrastructure experience that makes him well placed to take Cory forward in addressing London’s waste capacity gap.”
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