8-KLeadership ChangesExhibits & Filings

REPUBLIC SERVICES, INC. 8-K Report, Executive Changes (Aug 25, 2014)

Filed August 25, 2014For Securities:RSG

Summary

This 8-K filing from Republic Services, Inc. (RSG) announces a significant leadership change in its financial operations. Effective August 22, 2014, Charles F. Serianni has been appointed as the new Executive Vice President, Chief Financial Officer (CFO), replacing Glenn A. Culpepper. Mr. Serianni is an internal promotion, bringing extensive experience within the company, having previously served as Vice President, Region Controller and Senior Vice President, Chief Accounting Officer. The filing details Mr. Serianni's compensation package associated with his new role, including a substantial increase in base salary to $450,000, along with significant bonus opportunities, long-term incentive plan participation, and substantial equity awards in stock options and restricted stock units. This transition signifies a strategic move by RSG to place an experienced internal candidate at the helm of its financial management.

Key Highlights

  • 1Charles F. Serianni appointed as Executive Vice President, Chief Financial Officer (CFO), effective August 22, 2014.
  • 2Mr. Serianni succeeds Glenn A. Culpepper as CFO.
  • 3Mr. Serianni is an internal promotion with 30 years of experience, including 15 years within Republic Services and its predecessors.
  • 4His base salary increases from $306,000 to $450,000 upon assuming the CFO role.
  • 5Mr. Serianni is eligible for an annual cash bonus target of 80% of salary.
  • 6Significant equity awards are granted, including approximately $125,000 in stock options and $200,000 in restricted stock units upon appointment, with further grants expected in 2015.
  • 7The filing also includes details on prorated LTIP awards and supplemental 'LTIP Equivalents' to ensure continuity in incentive compensation.

Frequently Asked Questions

Charles F. Serianni has been appointed as the Executive Vice President, Chief Financial Officer (CFO) of Republic Services, effective August 22, 2014.

Mr. Serianni is a seasoned executive with 30 years of experience. He has held various senior roles at Republic Services, including Vice President, Region Controller, and Senior Vice President, Chief Accounting Officer. Prior to that, he held accounting roles at Republic Industries (AutoNation) and Sunglass Hut International, and began his career at Deloitte & Touche.

Mr. Serianni's base salary increases significantly to $450,000. He will also be eligible for an annual cash bonus target of 80% of salary, participate in the Long-Term Incentive Plan (LTIP) with a target award of $250,000 for the 2015-2017 cycle, and has received substantial equity awards including $125,000 in stock options and $200,000 in restricted stock units upon appointment.

The 'LTIP Equivalents' are supplemental payments designed to prorate Mr. Serianni's Long-Term Incentive Plan targets for the 2013-2015 and 2014-2016 performance cycles. This ensures that his incentive compensation reflects both his previous role and his new CFO position, providing a smoother transition and maintaining continuity in his long-term compensation arrangements.