8-K/ALeadership Changes

REPUBLIC SERVICES, INC. 8-K/A Report, Executive Changes (Jun 4, 2020)

Filed June 4, 2020For Securities:RSG

Summary

This amendment to Republic Services, Inc.'s (RSG) original 8-K filing details the compensation package for newly appointed Executive Vice President and Chief Financial Officer, Brian DelGhiaccio, effective June 1, 2020. The provided information focuses on the financial arrangements approved by the Management Development and Compensation Committee, offering transparency into the incentives and remuneration for a key executive position. Investors should note the details of his base salary, bonus potential, restricted stock units, and long-term incentive awards across various performance cycles. The compensation structure appears designed to align Mr. DelGhiaccio's interests with the company's long-term performance. The inclusion of restricted stock units and multi-year incentive awards suggests a focus on retention and shareholder value creation. The figures provided offer a concrete look at the investment the company is making in its top financial leadership.

Key Highlights

  • 1Amendment to original 8-K filing concerns compensation for new EVP and CFO, Brian DelGhiaccio.
  • 2Mr. DelGhiaccio's base salary is set at $550,000 annually.
  • 3He has an annual cash bonus opportunity equal to 80% of his base salary.
  • 4A grant of $200,000 in restricted stock units was awarded.
  • 5Supplemental long-term incentive awards include targets of $100,000 (2018-2020), $233,333 (2019-2021), and $352,917 (2020-2022) performance cycles.
  • 6A contribution of $65,000 was approved for Mr. DelGhiaccio's deferred compensation account.
  • 7Compensation details were approved by the Management Development and Compensation Committee and accepted by Mr. DelGhiaccio on June 3, 2020.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report to provide additional details regarding the compensation package for Brian DelGhiaccio, who was appointed as Executive Vice President and Chief Financial Officer, effective June 1, 2020.

Mr. DelGhiaccio's base salary is $550,000, and he has an annual cash bonus opportunity of 80% of his base salary. This means his potential annual cash compensation is $550,000 (base) + $440,000 (bonus at 80% target) = $990,000.

Mr. DelGhiaccio has been granted supplemental long-term incentive awards with specific target amounts for three performance cycles: $100,000 for the 2018-2020 cycle, $233,333 for the 2019-2021 cycle, and $352,917 for the 2020-2022 cycle. Additionally, he received $200,000 in restricted stock units.

In addition to his salary, bonus, restricted stock units, and long-term incentives, the company has approved a contribution of $65,000 to Mr. DelGhiaccio's deferred compensation account.