Rubicon Technologies, Inc. announced that Phil Rodoni will be stepping down as CEO of Rubicon and as a member of the Company鈥檚 Board of Directors, effective immediately. Osman Ahmed, formerly lead independent director on Rubicon鈥檚 Board, has been appointed interim CEO. Ahmed served as lead independent director on Rubicon鈥檚 Board of Directors since the fall of 2022. He is Co-Founder of New Circle Capital, a structured capital provider to small and mid-cap companies, and Senior Advisor at 10X Capital, a multi-strategy technology investment firm.
鈥淥n behalf of the Board, I want to thank Phil for his valuable contributions to Rubicon over the last nine years,鈥� said Ahmed. 鈥淩ubicon has made tremendous strides in multiple areas of the business since our public listing, and I am enthusiastic about the value creation opportunity that stands in front of us. I am grateful to the Board for putting its trust in me during this period of transition.鈥�
In conjunction with his appointment, Ahmed has stepped down from the Board鈥檚 Audit Committee and as lead independent director but will remain as a member of the Board. Rodoni has served as Rubicon鈥檚 CEO since 2022. Prior to that, he served as the Company鈥檚 chief technology officer between 2015-2022. He came to Rubicon from Esurance, where he held the role of vice president of software development. 鈥淚t has been a pleasure leading Rubicon,鈥� said Rodoni. 鈥淲e have come a long way as an organization, and I remain excited for the Company鈥檚 future under its new leadership.鈥�
In May, Rubicon announced the sale of its fleet technology business unit in a deal that includes up-front cash of $61.7 million and an earnout consideration of $12.5 million that could become payable in 2024. This strategic move underscores Rubicon鈥檚 dedication to the RUBICONConnect鈩� product, which serves commercial waste generators from small to medium-sized businesses to Fortune 500 companies. Many of the Company鈥檚 commercial customers are looking to Rubicon to help them achieve sustainability goals with tailored zero waste and circular economy solutions, including through the Company鈥檚 Technical Advisory Services (TAS).