Quest Resource posts Q4 loss, names new CEO

Quest Resource Holding Corp., The Colony, Texas, has promoted Perry W. Moss to become its new CEO, effective immediately. Moss joined Quest in July 2023 after working at other waste- and recycling-related firms, including Rubicon Technologies, the former Oakleaf Holdings and the former Smurfit-Stone (now part of Smurfit Westrock).

The promotion was announced by Quest on the same day it released its fourth quarter 2024 earnings report. In the final three months of last year, Quest suffered a net loss of about $9.5 million, contributing to a $15 million loss for the full year.

The corporate waste and recycling information and tracking services firm says S. Ray Hatch is retiring as CEO, though he will remain on the Quest board of directors.

Quest says that during Hatch’s tenure as CEO, the company grew rapidly, expanded service lines, broadened waste streams and increased revenues significantly, adding, “Hatch built a strong corporate culture of commitment to sustainability and customer success.”

The firm describes Moss as having a significant management and operating background acquired during his time at Rubicon, Oakleaf and Smurfit-Stone.

Since joining Quest, he has “enhanced Quest’s current industry-leading capabilities through the implementation of a metric-driven sales management process, increasing structure, accountability and performance,” states the company.

“As an organization, we are committed to accelerating and expanding our performance, efficiency, and profitability, improving customer experience, driving technology-enabled efficiencies and expanding margins,” says Dan Friedberg, Quest board chair.

“Perry’s track record of growing businesses and delivering strong operating performance makes him the ideal person to lead Quest through our next phase of growth and the execution of efficiency programs,” adds Friedberg.

Regarding Hatch, Friedberg remarks, “The board thanks Ray for his many contributions to Quest over his nine years as CEO and will continue to benefit from his considerable institutional knowledge and his support of the business.”

“It’s an honor to lead Quest into what will surely be an exciting and productive new chapter,” says Moss. “As organizations increasingly search for the most efficient and cost-effective ways to manage waste streams while improving sustainability, Quest’s compelling and unique value proposition resonates well with customers and positions us as the waste partner of choice for large enterprises across the country.”

Quest also has announced the hiring of Nick Ober as its senior vice president of operations. Ober comes to Quest from RXO Inc., which Quest describes as “the former tech-enabled brokered transportation platform” of Connecticut-based freight firm XPO Inc. Ober also formerly worked with Republic Services Inc. and with Waste Management Inc.

“We are thrilled that Nick is joining us in an important operational leadership role, which will help accelerate profitable growth and further enhance our ability to continually exceed the needs of our clients,” says Moss.

For the fourth quarter of 2024, Quest has reported revenue that is essentially flat compared with the fourth quarter of the prior year. However, its net loss grew 308 percent from an approximately $2.33 million lost in the final quarter of 2023 to the $9.5 million loss late last year.

In remarks accompanying the earnings report, both Moss and Friedberg express confidence in the company’s future.

“I believe strongly in Quest’s value proposition and in the power of our platform,” says Moss. “Importantly, we have a robust pipeline of potential new business, and we expect to continue to deepen client relationships, add valuable services and solutions, invest in our business and people, and improve profitability.”

Comments Friedberg, “The board and management team are committed to driving change and enhancing shareholder value. We have a strong platform and are focused on operational excellence. We have implemented performance-focused actions and will continue pursuing initiatives to drive value for all stakeholders.”