Milestone Appoints Josh King as Chief Financial Officer; Announces Retirement of Frank W. Schageman

HOUSTON, Texas – February 14, 2024 – Milestone Environmental Services, LLC (“Milestone”), a leading environmental services and carbon management company and the largest energy waste sequestration company in the United States, today announced the appointment of Josh King as the company’s Chief Financial Officer (CFO), effective January 18, 2024. Mr. King joins Milestone’s executive leadership team and replaces Frank W. Schageman, who will retire from the Company after a transition period at the end of the first quarter of 2024.

In his new role, Mr. King is responsible for the financial aspects of Milestone and its subsidiaries. He joins the Company from Layne Water Midstream, a water midstream company backed by Post Oak Energy Capital and Genesis Park, where he served as CFO since 2019. While at Layne Water Midstream, Mr. King played an integral role in the execution of transformative acquisitions and projects that grew the company into one of the premier water infrastructure companies in the Permian Basin with numerous dedications from leading producers and an integrated network of water pipeline, injection, delivery, and recycling assets.

Previously, he held several positions in energy finance and within management of sponsor-backed companies, working at Development Capital Resources backed by Ares Management, Evercore, Credit Suisse, and a platform investment of Wexford Capital. He is a graduate of Pepperdine University and earned his MBA from the University of Chicago Booth School of Business.

“I am thrilled to welcome Josh to Milestone,” said Milestone President and CEO Gabriel Rio. “His extensive experience, fresh insights, business acumen, and growth mindset make him an ideal addition to our leadership team. In particular, his experience in both financial management and corporate development should prove to be a real asset to Milestone in the next phase of our journey.”

Frank W. Schageman, who has served as Milestone’s Executive Vice President and CFO since its founding in 2014, will retire from Milestone at the end of March 2024. In his time with the Company, Mr. Schageman has helped shape Milestone into the leading provider of energy waste management services in the Permian Basin and expand its offering to include environmental services solutions for carbon capture and industrial waste management. Additionally, he successfully orchestrated multiple credit deals for the Company, including a Sustainability-Linked Loan (“SLL”) in 2022, which highlighted Milestone’s sustainability track record by linking the loan interest margin to the achievement of independently verified Sustainability Performance Targets.

“Frank has been a part of Milestone since the beginning and has been a key partner in the Company’s development, growth, and success from day one,” said Mr. Rio. “He has helped guide the Company through challenging times and through good times, and I greatly appreciate his partnership. Frank has been a true leader and mentor for many within the Milestone family, and we have all benefited from working with him. On behalf of the Board and the entire Company, I’d like to thank Frank for his years of service and dedication to Milestone and wish him all the best in his next phase.”

“It has been an extraordinary honor to have been a part of the Milestone story and to have worked alongside this talented and dedicated team, including Gabriel,” said Mr. Schageman. “I am grateful to everyone I have worked with and for the opportunity to serve so many that placed their trust in me. I look forward to watching Milestone continue its environmental innovation and leadership.”

About Milestone Environmental Services

Milestone Environmental Services, headquartered in Houston, Texas, is a leading environmental services and carbon management company and the largest independent energy waste management company in the United States. Milestone operates a leading integrated network of waste infrastructure that reduces the carbon impact of its customers by permanently sequestering hydrocarbon waste over a mile below the surface, preventing greenhouse gas emissions and water and ground contamination. Since 2014, Milestone has sequestered more than 2 million tons of CO2e through its injection process. Its subsidiary, Milestone Carbon, is devoted to helping multiple types of emitters meet their decarbonization goals by developing and operating injection sites that permanently and securely sequester CO2 below the surface. For more information, please visit    

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