Summary
Republic Services, Inc. (RSG) announced in an 8-K filing dated August 26, 2013, that its Board of Directors has elected two new members: retired U.S. Army General Ann E. Dunwoody and Tomago Collins. This move expands the board and brings new perspectives, with General Dunwoody being a notable figure due to her extensive military career and Mr. Collins's experience likely contributing to the company's strategic direction. Both new directors will receive compensation in line with the company's existing non-employee director compensation structure. This includes an annual grant of restricted stock units (RSUs) that vest immediately but are distributed as common stock after three years, and an annual cash retainer of $80,000. They will also receive additional RSUs equivalent to any dividends paid on their holdings. This information is important for investors to understand executive compensation and director incentives.
Key Highlights
- 1Republic Services, Inc. appointed two new independent directors, Ann E. Dunwoody and Tomago Collins, to its Board of Directors, effective August 23, 2013.
- 2Ann E. Dunwoody is a retired U.S. Army General, bringing a notable leadership background to the board.
- 3Both new directors will be compensated under Republic Services' existing non-employee director compensation plan.
- 4Compensation includes an annual retainer of $80,000.
- 5Annual equity compensation consists of 7,500 restricted stock units (RSUs) that vest immediately.
- 6RSUs are distributed in Republic common stock three years after the grant date.
- 7Directors also receive additional RSUs equivalent to the dividends they would have received on their current RSU holdings.