Waste Management Inc. has named a new chief financial officer (CFO) as its current CFO is leaving to pursue a CEO position.

The Houston-based Waste Management said in a news release that James Fish Jr., currently senior vice president for the company’s Eastern Group, will take over as CFO upon completion of financial reporting for the second quarter. He will succeed Steven Preston, who joined Waste Management last year when the company bought Oakleaf Global Holdings, where Preston was president and CEO.

Preston is expected to remain with the company through the third quarter to help with the transition.

"Steve has been highly effective as a strategic, operational, and financial leader in our company. He has also played an integral role in many of our key initiatives,” said David Steiner, president and CEO of Waste Management. “We wish Steve much success and know that another company will be fortunate to have him as a new chief executive. Fortunately for us, we have a proven person in Jim Fish to assume our CFO responsibilities."

Said Preston, "It has been a privilege working with such a talented and committed leadership team. I firmly believe the company is headed in the right direction as they address the changes that are under way in the waste industry. It's my desire, however, to return to a chief executive position, and I am pursuing that."

Fish joined Waste Management in 2001.