I do not think that "improving processes" is inappropriate at...

I do not think that "improving processes" is inappropriate at all. Look back at the half year results presentation - most of Rivas' time has been spent improving the efficiency of the collections business. When he was employed he was given the mandate of bringing CLH's metrics (i.e. PDL collection per hour) up to those of the market leader (CCP), which will drag ROE up as well. This is a process that is going to take time and Rivas has stated that the changes they are making should start impacting the bottom line in the 2nd half of this financial year, however the full benefit will not be realised until next financial year.

Ultimately this isnt a company that is going to rerate 50% overnight - it will be a slow steady recovery/improvement in the share price as they rebuild trust with the market by meeting guidance and improving ROE. In my opinion, it is a great company for investors to buy and hold, but perhaps not a great bet for short term traders.