Summary
This Form 8-K filing by Waste Management, Inc. (WM) announces a significant change in its senior leadership. Lawrence O’Donnell, III, the President and Chief Operating Officer, is departing the company to pursue CEO opportunities elsewhere. Effective immediately, CEO David Steiner will assume the responsibilities of President in addition to his current role. Mr. O'Donnell will remain with WM through June 30, 2010, to ensure a smooth transition. His departure is being treated as a termination without cause, entitling him to specified payments, compensation, and benefits as outlined in his prior employment agreement. The separation agreement and the press release announcing this change are filed as exhibits to this report.
Key Highlights
- 1President and COO Lawrence O’Donnell, III is departing Waste Management, Inc.
- 2CEO David Steiner will assume the role of President, effective immediately.
- 3Mr. O’Donnell will stay with the company until June 30, 2010, for an orderly transition.
- 4Mr. O’Donnell's departure is categorized as a termination without cause.
- 5He is entitled to specific severance payments, compensation, and benefits under his employment agreement.
- 6The separation agreement is filed as Exhibit 10.1, and the press release as Exhibit 99.1.
Frequently Asked Questions
Lawrence O’Donnell, III is leaving to pursue chief executive officer opportunities at another company.
CEO David Steiner has assumed the role of President, effective immediately, in addition to his CEO responsibilities.
Mr. O'Donnell will remain employed through June 30, 2010, to ensure a smooth and orderly transition of his duties to Mr. Steiner.
His departure is being treated as a termination without cause, meaning he will receive the payments, compensation, and benefits as outlined in Section 6(e) of his employment agreement dated January 21, 2000, as amended.