01—Abstract
Summary
Summary of the 8-K filed May 14, 2025. Cited figures are marked; the original filing is the authoritative source.
Waste Management, Inc. (WM) announced a significant leadership change via an 8-K filing on May 14, 2025.
The company promoted John J. Morris, Jr. to President, a role he will hold concurrently with his existing position as Chief Operating Officer. This promotion comes as CEO James C.
Fish, Jr. voluntarily resigned from the President title. Mr. Morris's new role underscores his increasing importance within the organization, with his compensation package being adjusted to reflect his expanded responsibilities. Investors should note the details of Mr. Morris's new compensation, which includes a base salary increase to $1 milliona, a target annual cash incentive of 125% of his base salary, and a substantial award of restricted stock units (RSUs) valued at $1.05 million.
The RSU award is subject to a three-year vesting schedule, with specific provisions for early vesting in cases of death, disability, retirement (after January 1, 2026), or involuntary termination without cause. This move signals confidence in Mr. Morris's leadership and a continued focus on executive talent development within Waste Management.
02—Key points
Key Highlights
- John J. Morris, Jr. promoted to President, also retaining COO role.
- CEO James C. Fish, Jr. voluntarily resigned as President.
- Mr. Morris's base salary increased to $1 million.
- Target annual cash incentive set at 125% of base salary.
- Awarded $1.05 million in Restricted Stock Units (RSUs) vesting over three years.
- RSU vesting includes provisions for death, disability, retirement, and termination without cause.
- The company is providing updated information on executive compensation and organizational structure.
03—Questions
Frequently Asked Questions
Why was John J. Morris, Jr. promoted to President?
John J. Morris, Jr. was promoted to President, in addition to his Chief Operating Officer role, likely due to his demonstrated leadership and contributions since becoming EVP and COO in 2019. This promotion reflects his growing importance within Waste Management's senior leadership team.
What is the total compensation package for Mr. Morris's new role?
Mr. Morris's new compensation includes an increased base salary of $1 million, a target annual cash incentive of 125% of his year-end base salary, and an award of restricted stock units (RSUs) valued at $1.05 million. The RSUs will vest over three years.
How will the Restricted Stock Units (RSUs) vest?
The RSUs will vest over three years, with 34% vesting on the first anniversary of the grant date, 33% on the second, and 33% on the third. There are provisions for accelerated vesting in certain situations, such as death, disability, retirement (after January 1, 2026), and involuntary termination without cause.
Did James C. Fish, Jr. resign from Waste Management?
No, James C. Fish, Jr. did not resign from Waste Management. He voluntarily resigned from the position of President, but he will continue in his role as Chief Executive Officer.
04—Continue