Cielo Names Harry Andersen Chair as Board Is Renewed

Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) appointed Harry Andersen to its board and as Chair effective September 15, 2026, with Sheila A. Leggett stepping down as Chair to remain a director and lead the newly formed Governance, Nominating and Compensation Committee.

Cielo Waste Solutions Corp. (OTCQB: CWSFF), which also trades in Canada under the symbol CMC on the TSX Venture Exchange, has changed the person who runs its boardroom. The company said Harry Andersen has joined its board of directors and taken over as Chair, effective September 15, 2026. Sheila A. Leggett, who had been Chair, stepped down from that role to make way for the handover and stays on as a director.

Leggett is not leaving the table. She will chair a newly created Governance, Nominating and Compensation Committee — a body that handles how directors are recruited, how the board polices itself, and how executives are paid. Creating a standing committee for that work, rather than leaving it with the full board, is the kind of structural tightening small-cap companies typically undertake when they are preparing to be judged on delivery rather than on plans.

A chair change is rarely only about the chair

On paper, this is a personnel announcement. In practice, at a company of Cielo's size, the chair is the single most consequential unpaid job in the organisation. The chair sets the agenda for board meetings, decides how much airtime management gets versus outside directors, leads the conversation with major shareholders, and — when financing is required — is often the person institutional investors want to hear from before they write a cheque.

Swapping that seat while simultaneously standing up a formal governance, nominating and compensation committee suggests the board is being rebuilt as a working structure rather than reshuffled for cosmetic reasons. A nominating mandate implies further director recruitment is contemplated. A compensation mandate implies pay will be tied more explicitly to whatever milestones the company has set itself.

The framing the company itself used — that the changes support execution of its strategy — is the tell. Boards get renewed at the point where a plan stops being a plan and starts being a schedule. The announcement was carried by BNN Bloomberg.

What the share price says about the starting point

Whoever chairs Cielo inherits a market valuation that leaves very little margin for error. On the OTCQB venture market, CWSFF last traded at 0.04, down 5.50% from a prior close of 0.05, with the shares changing hands in a 0.04 to 0.04 band across the session. Those are the figures as of the last trade on Wednesday, September 16, 2026, at 20:00 GMT. Markets were closed at the time of writing, so that is a closing mark rather than a live quote.

A sub-nickel quotation has practical consequences that go well beyond optics. Price increments become a meaningful fraction of the share price itself, so ordinary trading noise registers as large percentage moves. Bid-ask spreads widen relative to value. Index funds and most institutional mandates are structurally excluded. Any equity issuance at that level is heavily dilutive to existing holders, which narrows the financing menu to debt, strategic partners, asset-level funding or insider participation.

That is the environment a renewed board is walking into, and it is why governance changes at this end of the market are read by shareholders as financing signals as much as stewardship signals. The question investors will ask is not whether the new chair is credentialed. It is whether his arrival shortens the distance to capital.

The wider tape offered no cover

The session in which CWSFF fell was not a broad risk-off rout that would explain the move away. The S&P 500 tracker closed at $754.05, off 0.44% on the day from a prior close of $757.39, within a $749.60 to $761.67 range. The Nasdaq 100 proxy finished essentially flat at $704.72, up 0.03%. The Dow 30 fund was the weak spot, ending at $515.22 after a 1.15% decline from $521.23.

The session in which CWSFF fell was not a broad risk-off rout that would explain the move away.

Large-cap benchmarks drifting fractionally is not the sort of backdrop that drags a microcap down by more than five percent. Moves of that size in names at this price level are usually a function of thin liquidity: a single seller working through an order book with few resting bids can mark the whole stock down. That is a reminder that the closing price here carries less information than it would for a liquid large cap, and that day-to-day percentage swings should not be over-read in either direction.

The mechanics of what changed

Three things are now different at Cielo, and it is worth separating them.

A new director. Andersen joins the board as a member, adding a seat's worth of independent perspective that was not there before September 15.
A new chair. He takes the chair role immediately, rather than serving a period as a director first — a compressed handover that indicates the board wanted the change in place without a transition window.
A new committee. Governance, nominating and compensation now sit with a dedicated committee chaired by the outgoing chair, concentrating institutional memory in the body most likely to shape the board's future composition.

Leggett's continuity matters here. When a chair leaves entirely, a company loses the relationships and context that went with the role. When the outgoing chair stays on and takes the governance committee, the handover is designed to preserve that context while giving the incoming chair a clear run at the agenda.

What shareholders should be watching next

Board renewal announcements are leading indicators, not results. The follow-through items that would confirm the intent behind this one are reasonably specific.

Further director appointments. A nominating committee that has just been created usually has work queued. Additional names, and the skills they bring — project finance, engineering, offtake commercialisation — would tell shareholders what the board thinks it is missing.
The shape of executive pay. The compensation mandate sits with the same committee. Whether incentives get retooled around operational milestones is a direct readout of what the board considers the priority.
Financing activity. Any capital raise, credit facility or strategic arrangement in the months after a chair change is the practical test of whether the renewal improved the company's standing with providers of capital.
Liquidity and listing status. At a sub-nickel price, both the TSX Venture and OTCQB lines depend on continued trading interest. Improvement or deterioration in volume is worth tracking alongside price.

None of that is guaranteed by an appointment. Chairs do not raise money or build facilities; they create the conditions in which management can. But the combination of an immediate chair transition, a retained predecessor and a purpose-built governance committee is a more deliberate package than a routine rotation, and it arrives at a moment when Cielo's market valuation gives the board every reason to be deliberate.

Key facts

New Chair: Harry Andersen, effective September 15, 2026
Outgoing Chair: Sheila A. Leggett — stays a director, chairs new Governance, Nominating and Compensation Committee
Listings: TSXV: CMC; OTCQB: CWSFF
CWSFF last close: 0.04, -5.50%, as of Sept 16, 2026, 20:00 GMT

Frequently asked questions

Who is now chair of Cielo Waste Solutions?

Harry Andersen is Cielo's chair of the board, effective September 15, 2026. He was appointed to the board of directors and to the chair role at the same time, rather than serving as a director first. He replaces Sheila A. Leggett, who stepped down as chair specifically to facilitate the transition and remains on the board as a director.

Did Sheila Leggett leave the company entirely?

No. Leggett stepped down only from the chair position. She continues to serve as a director of Cielo and takes on the chair role of the board's newly formed Governance, Nominating and Compensation Committee. That committee handles director recruitment, governance oversight and executive compensation, so she retains a substantial role in shaping the board's future composition and pay structure.

Where does Cielo Waste Solutions trade?

Cielo Waste Solutions Corp. has a dual listing. Its primary Canadian listing is on the TSX Venture Exchange under the symbol CMC. It also trades in the United States on the OTCQB venture market under the symbol CWSFF. The OTCQB tier is designed for early-stage and developing companies that report currently and meet minimum standards.

How did the stock perform in the most recent session?

CWSFF last traded at 0.04, a decline of 5.50% from its prior close of 0.05, as of the market close on September 16, 2026, at 20:00 GMT. The day's range was 0.04 to 0.04. At sub-nickel price levels, single trades can produce large percentage moves because the minimum price increment is a meaningful share of the price.

What is a Governance, Nominating and Compensation Committee?

It is a board sub-committee that combines three related mandates: overseeing corporate governance practices, identifying and recommending new director candidates, and setting executive and director compensation. Many larger companies split these into separate committees. Smaller companies often combine them so that a single group handles board composition and pay, keeping oversight concentrated and administratively manageable.

Does a board change affect a company's financial position?

Not directly. A chair appointment does not add cash or revenue. Its influence is indirect: a chair leads shareholder and lender conversations, sets board priorities, and can affect how readily providers of capital engage with a company. For microcaps, investors typically watch whether a governance refresh is followed by financing activity as the practical test of impact.

Sources

Cielo Appoints Harry Andersen as Chair and Renews Board to Support Execution of its Strategy — BNN Bloomberg

CC0 1.0 — source