8-KLeadership ChangesExhibits & Filings

WASTE MANAGEMENT INC 8-K Report, Executive Changes (Mar 1, 2024)

Filed March 1, 2024For Securities:WM

Summary

Waste Management, Inc. (WM) filed an 8-K on March 1, 2024, primarily announcing changes to its Board of Directors. The company elected Mr. Thomas L. Bené as an additional director, increasing the board size to 10 members. Mr. Bené, currently CEO of Breakthru Beverage Group and formerly of Sysco Corporation, brings significant executive experience and has been appointed to the Management Development & Compensation Committee. His appointment is effective immediately and he will receive standard pro-rated compensation for his service. Concurrently, the company announced that Director John C. Pope will not stand for re-election at the upcoming 2024 annual meeting due to reaching the retirement age. His departure will lead to a reduction in the board size to nine members. These changes reflect ongoing governance and board composition adjustments within Waste Management.

Key Highlights

  • 1Election of Thomas L. Bené as a new independent director to the Board of Directors.
  • 2Mr. Bené, CEO of Breakthru Beverage Group, brings extensive experience from leadership roles at Sysco Corporation.
  • 3Mr. Bené has been appointed to the Management Development & Compensation Committee.
  • 4The Board of Directors' size has been increased to 10 members with Mr. Bené's election.
  • 5Director John C. Pope will retire and not seek re-election at the 2024 annual meeting.
  • 6The Board's size is planned to reduce to nine members upon Mr. Pope's term expiration.
  • 7The filing includes a furnished News Release dated March 1, 2024.

Frequently Asked Questions

Thomas L. Bené is the President and CEO of Breakthru Beverage Group, LLC. He has been elected as an additional director to Waste Management's Board of Directors. His appointment aims to leverage his significant executive experience, particularly from his past roles as CEO of Sysco Corporation, to contribute to the company's governance and strategic oversight. He has also been appointed to the Management Development & Compensation Committee.

Director John C. Pope will not stand for re-election at the 2024 annual meeting as he has reached the company's retirement age for directors. His departure will result in a planned reduction of the Board of Directors' size from 10 members to nine members, effective at the end of his current term.

Mr. Bené will receive standard compensation for non-employee directors. This includes a pro-rated stock award valued at approximately $67,770 and a cash payment of $45,180 for his service during the current compensation period ending July 15, 2024.