miami based choice is full of shit

Posted on August 20, 2012 by mcooper

Swisher Hygiene Inc., which provides solid waste management services in select markets it covers, said it’s CEO is “stepping down” effective immediately as the company continues to struggle with its financial reporting requirements.

Steven Berrard will remain on the company’s board of directors and is being replaced in the CEO chair by Thomas Byrne as interim CEO. Byrne is currently executive vice president.

“In order to facilitate completion of the 2011 audit process, and in order to better focus my energies on the strategic direction of Swisher Hygiene, I believe it is in the best interest of the company and its shareholders for me to step down as president and chief executive officer,” Berrard said in a statement. “I will miss leading the Swisher Hygiene team on a day-to-day basis, but I will continue to be involved in the ongoing strategic direction of the company as a member of the Board of Directors and as one of the company’s largest shareholders.”

The Charlotte-based company provides hygiene and sanitation services to customers throughout much of North America and internationally. That includes solid waste management services in some locations.

Swisher Hygiene, for months now, has delayed financial reporting and has not reported 2011 annual results as well as information for the first two quarters of this year.

Berrard is a long-time business associate with H. Wayne Huizenga, who is chairman of Swisher Hygiene. Huizenga, famous for co-founding Waste Management Inc. and then later building Republic Services Inc., is chairman of Swisher Hygiene. Harris “Whit” Hudson, another long-time partner with Huizenga at Waste Management and Republic Services, also is a director at Swisher. Former Florida Gov. Jeb Bush serves on the board as well.

“We are hoping to complete our ongoing accounting review expeditiously and file our 2011 financial statements as soon as possible, which will allow us to move Swisher Hygiene forward and continue our efforts to create value for our shareholders,” Byrne said.

Swisher Hygiene previously hired a new chief financial officer and said it will adjust financial results for the first three quarters of last year. The company has indicated that net loss before income tax was going to increase by approximately $4.6 million for those periods, but also said that number still needed to be finalized.

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