SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2016
Waste Management, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 1-12154 | 73-1309529 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 1001 Fannin, Houston, Texas | 77002 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s Telephone number, including area code: (713) 512-6200
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2016, Waste Management, Inc. (the “Company”) announced that its Board of Directors has promoted James C. Fish, Jr. to the position of President, reporting to Chief Executive Officer David Steiner who is resigning the position of President. Effective July 28, 2016, Mr. Fish will serve as President and Chief Financial Officer. In connection with the foregoing, Mr. Fish’s annual base salary has been increased to $700,000.
Mr. Fish, age 54, joined Waste Management in 2001 as Director, Financial Planning and Analysis. Two years later, he was promoted to Vice President, Price Management and was responsible for running the Company’s pricing programs. Afterwards, he moved into field operations as Vice President, first serving as Market Area General Manager for the Rhode Island/Southern Massachusetts Market Area, then managing the larger Western Pennsylvania/West Virginia Market Area, and finally managing the expanded Pennsylvania/West Virginia Area until his promotion to Senior Vice President, Eastern Group in June 2011. Since July 2012, Mr. Fish has served as Executive Vice President and Chief Financial Officer.
Mr. Fish earned a Bachelor of Science degree in accounting from Arizona State University and a MBA in finance from the University of Chicago. He is also a Certified Public Accountant. Prior to joining Waste Management, Mr. Fish held finance or revenue management positions at Westex, a Yellow Corporation subsidiary; Trans World Airlines, Inc; and America West Airlines, Inc. He began his professional career at KPMG Peat Marwick.
A copy of the press release announcing Mr. Fish’s promotion is filed as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit 99.1: | Press Release dated July 27, 2016 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| WASTE MANAGEMENT, INC. | ||||||
| Date: July 27, 2016 | By: | /s/ Barry H. Caldwell | ||||
| Barry H. Caldwell | ||||||
| Senior Vice President, Corporate Affairs Chief Legal Officer | ||||||
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Exhibit Index
| Exhibit Number |
Description | |
| 99.1 | Press Release dated July 27, 2016 | |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION
Investor Relations: Ed Egl
713-265-1656
eegl@wm.com
Media: Toni Beck
713-394-5093
Tbeck3@wm.com
Waste Management Names James C. (Jim) Fish, Jr. President
HOUSTON – JULY 27, 2016 – Waste Management, Inc. (NYSE: WM) today announced that its Board of Directors has appointed James C. (Jim) Fish, Jr. to the position of President, reporting to David Steiner, the company’s Chief Executive Officer. Fish retains his existing role as Chief Financial Officer while the Company conducts a search to fill that role.
The new Chief Financial Officer will report to Fish, who will maintain his responsibility for all financial affairs for Waste Management, including treasury, audit, accounting, financial planning, tax and investor relations. He will also continue to oversee the information technology group and several of the Company’s growth areas, including strategic business development and the Company’s organic growth group.
“The Board of Directors and I have a strong and ongoing focus on succession planning, and the next logical step in that process is for Jim to be appointed President,” said David P. Steiner, Chief Executive Officer of Waste Management.
“In his 15 years with the company, Jim has been pivotal to the success of our business, and this appointment is extremely well deserved. He is a talented leader with tremendous knowledge of and expertise in all aspects of our business and has an impressive track record of delivering results and driving shareholder value. The Senior Leadership Team and I look forward to continuing our work alongside Jim in his added role as President as we execute our strategy to drive profitable growth and create value for our shareholders,” Steiner added.
“I am excited to take on this role and humbled by the confidence David and the Board of Directors have demonstrated in me,” said Fish. “Our Company’s future is bright, our business plan is solid and I look forward to continue working with our field and corporate teams to successfully execute on all aspects of that plan.”
Fish, 54, joined Waste Management in 2001. Prior to becoming CFO, he held several key positions with the Company, including Senior Vice President for the Company’s Eastern Group, Area Vice President for Pennsylvania and West Virginia, Market Area General Manager for Massachusetts and Rhode Island, Vice President of Price Management and Director of Financial Planning and Analysis.
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Before joining Waste Management, Fish held finance or revenue management positions at Westex, a Yellow-Roadway subsidiary; Trans World Airlines; and America West Airlines. He began his professional career at KPMG Peat Marwick. Fish earned a Bachelor of Science in accounting from Arizona State University and an MBA in finance from the University of Chicago. He is also a Certified Public Accountant.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management visit www.wm.com or www.thinkgreen.com.
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