Waste Management (WM) taps David Reed as new CFO with $565K RSUs

Rhea-AI Filing Summary

Waste Management, Inc. reported that its Executive Vice President and Chief Financial Officer, Devina A. Rankin, has decided to resign from her CFO role effective November 1, 2025, or immediately after the filing of the company’s Form 10-Q for the quarter ended September 30, 2025. She is expected to remain with the company as an executive advisor through March 2026 to support a smooth transition.

The board has elected David L. Reed, currently Vice President and Business Partner for the West Tier operations and formerly Vice President and Treasurer, to become Executive Vice President and Chief Financial Officer as of the effective date, succeeding Ms. Rankin as principal financial officer. Following that date, Mr. Reed’s annual base salary will be set at $700,000 and his target annual cash incentive will equal 100% of base salary.

In addition, Mr. Reed will receive a restricted stock unit award valued at $565,000 under the 2023 Stock Incentive Plan, to be granted on November 3, 2025, with vesting over three years and standard provisions for dividends, death, disability, termination, and change in control.

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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): August 21, 2025

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.)

800 Capitol Street, Suite 3000, 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	WM	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 21, 2025, Ms. Devina A. Rankin gave notice of her decision to resign from her position as Executive Vice President and Chief Financial Officer of Waste Management, Inc. (the “Company”) to dedicate focus to her long-standing passions for education and not-for-profit service. Ms. Rankin’s resignation from her current position will be effective November 1, 2025 (or, if later, the date immediately following the filing of the Company’s Form 10-Q for the quarter ended September 30, 2025) (the “Effective Date”), after which date Ms. Rankin is expected to remain employed as an executive advisor through March 2026 to ensure an effective transition of her responsibilities.

Also on August 21, 2025, the Company announced that its Board of Directors (the “Board”) has elected Mr. David L. Reed to serve as Executive Vice President and Chief Financial Officer as of the Effective Date. Mr. Reed will succeed Ms. Rankin as principal financial officer of the Company.

Mr. Reed, age 47, has served as Vice President and Business Partner for the Company’s West Tier operations since January 2023. Mr. Reed previously served as the Company’s Vice President and Treasurer from July 2017 to December 2022. Mr. Reed does not have any interest in transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Following the Effective Date, Mr. Reed’s annual base salary will be increased to $700,000, and his target annual cash incentive will be increased to 100% of his base salary, with the impact of such increase on the total annual cash incentive payout for 2025 to be applied on a pro-rata basis for the time period and the base salary change following the Effective Date. Additionally, the Management Development and Compensation Committee of the Board approved an award of restricted stock units (“RSUs”) under the Company’s 2023 Stock Incentive Plan with a value of $565,000 that will be granted to Mr. Reed on November 3, 2025. The number of RSUs granted to Mr. Reed on such date will be calculated by dividing such value by the average of the high and low price of the Company’s common stock over the 30 trading days preceding the grant date. Key terms of the RSUs are described below.

RSUs
The “Vesting Dates”		34% on the first anniversary of grant 33% on the second anniversary of grant 33% on the third anniversary of grant Each RSU will be converted into one share of Company common stock upon vesting.
Dividend Equivalents		Dividends will accrue and be paid in cash upon any payout of RSUs.
Termination of Employment:
Death or Disability		All unvested RSUs will vest and be issued and paid following the date of such death or disability.
Retirement Involuntary Termination without Cause		Mr. Reed will not be eligible for Retirement (as defined in the Award agreement), during the term of the Award. RSUs equal to the total number of unvested RSUs, prorated based on the portion of the entire three-year vesting period that Mr. Reed was employed, will vest and be issued and paid following the normal Vesting Dates.
Resignation; Involuntary Termination for Cause		All unvested RSUs are forfeited.
Involuntary Termination without Cause following a Change in Control		All unvested RSUs will vest and be issued and paid following the normal Vesting Dates.

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The above description is qualified in its entirety by reference to the RSU award agreement that is Exhibit 10.1 to this report and incorporated herein by reference.

A copy of the press release announcing Ms. Rankin’s resignation decision and Mr. Reed’s election is Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit Number		Description
10.1		Form of 2025 Long Term Incentive Compensation RSU Award Agreement (incorporated by reference to Exhibit 10.4 to Form 10-Q for the quarter ended March 31, 2025).
99.1		Press Release dated August 21, 2025.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

WASTE MANAGEMENT, INC.

Date: August 22, 2025	By:	/s/ Charles C. Boettcher
		Charles C. Boettcher
		Executive Vice President and Chief Legal Officer

FAQ

Why is Waste Management (WM) changing its Chief Financial Officer?

Waste Management stated that Devina A. Rankin decided to resign from her role as Executive Vice President and Chief Financial Officer to focus on her long-standing passions for education and not-for-profit service. She will step down from the CFO role effective November 1, 2025, or immediately after the filing of the Form 10-Q for the quarter ended September 30, 2025.

Who will be the new CFO of Waste Management (WM) and when does he start?

The board elected David L. Reed to serve as Executive Vice President and Chief Financial Officer as of the effective date of Ms. Rankin’s resignation. On that date, he will also become the company’s principal financial officer.

What is David L. Reed’s background within Waste Management (WM)?

David L. Reed, age 47, has served as Vice President and Business Partner for the company’s West Tier operations since January 2023. Before that, he was Waste Management’s Vice President and Treasurer from July 2017 to December 2022. The filing notes that he has no interests in transactions requiring disclosure under Item 404(a) of Regulation S-K.

How will the new CFO of Waste Management (WM) be compensated?

Following the effective date, Mr. Reed’s annual base salary will be $700,000, and his target annual cash incentive will be 100% of his base salary, applied on a pro-rata basis for 2025 for the period after the salary change. He will also receive an RSU award valued at $565,000 under the 2023 Stock Incentive Plan, granted on November 3, 2025.

How are the RSUs for Waste Management (WM) CFO David L. Reed structured?

The RSU award for Mr. Reed has a value of $565,000, with the number of units determined by dividing that amount by the average of the high and low prices of Waste Management common stock over the 30 trading days preceding November 3, 2025. Vesting is scheduled at 34% on the first anniversary of grant, 33% on the second, and 33% on the third, with each RSU converting into one share upon vesting. Dividend equivalents accrue and are paid in cash when the RSUs pay out.

What happens to the new CFO’s RSUs at retirement, termination, or change in control?

The filing states that all unvested RSUs will vest upon death or disability. In an involuntary termination without cause or retirement, a prorated portion of unvested RSUs will vest and be paid on the normal vesting dates, although Mr. Reed will not be eligible for Retirement as defined in the award agreement during the term of the award. In an involuntary termination without cause following a change in control, all unvested RSUs will vest and be paid on the normal vesting dates; if he resigns or is terminated for cause, all unvested RSUs are forfeited.