Summary
Republic Services, Inc. (RSG) announced a significant leadership change in its finance department through an 8-K filing on December 18, 2012. The company has appointed Glenn A. Culpepper as its new Executive Vice President and Chief Financial Officer (CFO), effective January 9, 2013. Mr. Culpepper brings over 30 years of extensive financial experience, most recently serving as CFO for Summit Materials, and prior to that, holding senior finance roles at CRH PLC, including CFO of its North American operations. This appointment signals a focus on experienced financial leadership to guide the company. Concurrently, the filing also confirms the retirement of the current CFO, Tod C. Holmes, effective January 9, 2013. The comprehensive compensation package for Mr. Culpepper includes a base salary of $500,000, participation in annual and long-term incentive plans, significant stock option and restricted stock unit grants, a deferred compensation contribution, a special one-time cash bonus, and relocation assistance. Investors should note that these changes in key financial leadership and the associated executive compensation are material developments for the company's governance and financial strategy.
Key Highlights
- 1Appointment of Glenn A. Culpepper as new Executive Vice President - Chief Financial Officer, effective January 9, 2013.
- 2Mr. Culpepper brings over 30 years of financial experience, including CFO roles at Summit Materials and CRH PLC.
- 3Retirement of current CFO, Tod C. Holmes, effective January 9, 2013.
- 4Mr. Culpepper's compensation package includes a base salary of $500,000.
- 5Significant equity awards for Mr. Culpepper, including stock options and restricted stock units, with staggered vesting schedules.
- 6Eligibility for Mr. Culpepper in annual bonus and long-term incentive plans, with specific target awards for 2013.
- 7Company to provide relocation benefits and a special one-time cash bonus to Mr. Culpepper.