Steve Creamer resigns as EnergySolutions CEO

SALT LAKE CITY — Since taking the helm of EnergySolutions six years ago, Steve Creamer became the face of a company that often found itself in the eye of the public storm.

In television commercials and newspaper ads, Creamer tried to explain what the controversial nuclear waste company was all about. That job will now fall to another. Creamer resigned Friday as chief executive officer, effective immediately. Val Christensen, who has worked as company president since 2008, will replace him.

"Steve Creamer had the unique vision and energy to create a strong public company based in Utah that plays a critical role in America's nuclear industry," Christensen said. "Steve will continue to be an important sounding board and a strong supporter of the company."

Christensen said he was instructed by the company's board to not disclose why Creamer, 58, resigned.

"It may seem like an abrupt announcement to the rest of the world, but this succession plan has been in place for some time," he said, adding that Creamer indicated some time ago that he would give up his top spot this year.

Christensen did say that, while he could not disclose what prompted the resignation, he could say what it was not about.

"He did not resign because of a clash with the board, and it was not about strategy (or) philosophy, and it had nothing to do with financial accounting, contracts or the economics of the company. All the fundamentals of the company are sound."

Creamer was vacationing in Hawaii and unavailable for comment.

EnergySolutions stock fell dramatically Friday following the announcement. Shares of the Salt Lake City-based waste management firm were down $1.44, or nearly 18.5 percent to close at $6.35. During the past year, the price has ranged from $5.22 to $10.80.

In November 2007, Creamer took the company public, offering 11.85 million shares at $19 to $21 per share. The company's controlling stockholder, ENV Holdings LLC, offered 18.15 million shares. Since then, the company's shares have traded as high as $27.85 per share in December 2007, and as low as $3.55 in November 2008.

Creamer, a Utah State University graduate, began his career as an engineer for the state environmental and transportation departments. He later was president of Creamer and Noble Engineers, a consulting firm. He also worked as an executive at East Carbon Development Corp., Laidlaw Environmental and USPCI, a Union Pacific hazardous-waste company.