PHILADELPHIA, PA — Enviri Corporation (NYSE: NVRI) said Chief Financial Officer Tom Vadaketh will retire following the sale of its Clean Earth business and the planned spin-off of New Enviri, a move that marks a key leadership transition as the company prepares to separate into a standalone public entity.
The company said former Enviri Chief Financial Officer Pete Minan is expected to become CFO of New Enviri at the time of the spin-off and will begin serving immediately as a consultant to support preparations for the separation. The transaction is expected to be completed in mid-2026, subject to customary closing conditions.
Vadaketh will remain Enviri’s CFO through the completion of the Clean Earth sale to Veolia Environnement SA and the related spin-off, providing continuity during what executives described as a period of significant strategic change.
Chairman and Chief Executive Officer Nick Grasberger credited Vadaketh with steering the company’s finance organization through a complex review of strategic alternatives and helping position Enviri for its next phase. Grasberger said Vadaketh’s tenure strengthened financial discipline, engagement, and professional development across the finance team.
The spin-off of New Enviri is tied directly to the planned divestiture of Clean Earth, which Enviri has previously said remains on track for mid-year completion. Once separated, New Enviri will house the company’s Harsco Environmental and Rail businesses, which serve the global steel and rail industries.
Russell Hochman, Enviri president and chief operating officer and the designated chief executive officer of New Enviri, said Minan’s return brings deep institutional knowledge and financial experience at a critical moment. Hochman said Minan’s familiarity with the Environmental and Rail segments positions him to help guide the new company through the separation and into its first phase as an independent public enterprise.
Minan said the spin-off presents an opportunity to sharpen focus and drive improved financial performance under a simplified corporate structure. He said he plans to work closely with leadership to ensure a smooth separation and to build long-term shareholder value at New Enviri.
Enviri said it expects to file a Form 10 registration statement with the U.S. Securities and Exchange Commission as part of the spin-off process. Additional members of New Enviri’s executive leadership team and board of directors will be announced at a later date.
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