8-KLeadership ChangesExhibits & Filings

WASTE MANAGEMENT INC 8-K Report, Executive Changes (Nov 17, 2016)

Filed November 17, 2016For Securities:WM

Summary

This 8-K filing by Waste Management, Inc. (WM) on November 17, 2016, primarily announces a significant leadership transition. Effective November 10, 2016, James C. Fish, Jr. was appointed President and Chief Executive Officer and elected to the Board of Directors, succeeding David P. Steiner. Mr. Fish, a long-time employee with extensive experience across various financial and operational roles within the company, including his recent role as President and Chief Financial Officer, is now at the helm. Investors can expect a new strategic direction under Mr. Fish's leadership. The filing also outlines the key terms of his new employment agreement, including a base salary of $1 million and a target annual cash incentive of 125% of his base salary. Additionally, Mr. Fish was granted 15,625 restricted stock units (RSUs) with a three-year vesting schedule, aligning his compensation with the company's long-term performance and shareholder value.

Key Highlights

  • 1James C. Fish, Jr. appointed President and CEO, effective November 10, 2016.
  • 2Mr. Fish also elected to the Board of Directors.
  • 3David P. Steiner stepped down as CEO after serving since 2004.
  • 4Mr. Fish's new employment agreement includes a $1 million base salary.
  • 5Target annual cash incentive for Mr. Fish set at 125% of base salary.
  • 6Mr. Fish received an award of 15,625 restricted stock units (RSUs) with a three-year vesting schedule.

Frequently Asked Questions

James C. Fish, Jr. has been appointed as the new President and Chief Executive Officer of Waste Management, Inc., effective November 10, 2016.

David P. Steiner served as the Chief Executive Officer of Waste Management, Inc. since 2004 before stepping down on November 10, 2016.

Mr. Fish's new compensation includes an annual base salary of $1 million, a target annual cash incentive of 125% of his base salary, and an award of 15,625 restricted stock units (RSUs) that vest over three years.

Yes, James C. Fish, Jr. has been with Waste Management since 2001, holding various leadership positions including Director of Financial Planning and Analysis, Vice President of Price Management, various Market Area General Manager roles, Senior Vice President of Eastern Group, and most recently, Executive Vice President and Chief Financial Officer, and President and Chief Financial Officer.