The radioactive and hazardous waste service company U.S. Ecology, based in Boise, says it has agreed to terminate James R. Baumgardner, the company's president, CEO and chief operating officer. Baumgardner also resigned from the company's board of directors.
The company gave no reason for the termination. It said Baumgardner agreed to it.
Chairman Stephen A. Romano said the board "appreciates Jim's past efforts and dedicated service to U.S. Ecology and wishes him the best in his future endeavors."
The announcement came as U.S. Ecology reported another successful quarter, with operating income for the third quarter of 2012 reaching a record $12.4 million, up 30 percent from last year's third quarter.
The company's total revenue was $45.7 million for the quarter, and its gross profit was 21 percent higher than the same time last year, reaching $18.6 million.
Shares of U.S. Ecology went up 7 percent to $23.73 on Wednesday, the first day of trading since the announcement.
The company bought a Michigan company named Dynecol on May 31. Dynecol has contributed $4 million in revenue since the acquisition, and in the most recent quarter contributed $2.9 million.
The fiscal year "is shaping up to be a year of record financial performance for the company on many fronts," said Jeff Feeler, who had been vice president, chief financial officer and treasurer but has been named acting president and COO. "While we are still early in our planning and budgeting cycle for 2013, initial views give us confidence that we will post solid growth in 2013 as well."
U.S. Ecology has waste centers in Idaho, Michigan, Nevada, Texas and Quebec. It processed and disposed of 266,000 tons of waste in the third quarter, which was 7 percent less volume than the same time last year. The company charged more, though, with an average price increase of 21 percent over the same time last year.
A spokeswoman for U.S. Ecology could not be reached immediately Wednesday.