You might also like
WM, North America's leading provider of comprehensive environmental solutions, operates primarily in the United States and Canada. The company manages waste from collection to disposal, while also recovering valuable resources and creating renewable energy . WM owns or operates the largest network of landfills in North America and manages transfer stations to efficiently transport waste. Their business is divided into four reportable segments: Collection and Disposal - East Tier, Collection and Disposal - West Tier, Recycling Processing and Sales, and WM Renewable Energy .
- Collection and Disposal - Provides comprehensive waste management services, including Commercial, Industrial, Residential, and Other Collection services, as well as Landfill and Transfer operations, across the East and West Tiers .
- Recycling Processing and Sales - Manages the processing and sale of recyclable materials, contributing to resource recovery and sustainability efforts .
- WM Renewable Energy - Focuses on creating renewable energy from waste, supporting environmental sustainability and energy recovery .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James C. Fish, Jr. ExecutiveBoard | President, CEO, and Director | Director of Caterpillar Inc. | CEO since 2016, with over 20 years at WM. Previously held roles such as CFO and SVP of Eastern Group. Focuses on sustainability, digital transformation, and inclusion. | View Report → |
Charles C. Boettcher Executive | EVP, Corporate Development and Chief Legal Officer | None mentioned | Oversees corporate development and legal functions. Held various legal leadership roles at WM since 2017. | |
Christopher P. DeSantis Executive | SVP – Operations | None mentioned | Joined WM in 2009. Promoted to SVP – Operations in October 2023 after serving as Area VP – New England. | |
Devina A. Rankin Executive | EVP and CFO | None mentioned | CFO since 2017. Oversees financial strategy and risk management. Signed certifications as CFO as of October 2024. | |
Donald J. Smith Executive | SVP – Operations | None mentioned | Joined WM in 2012. Promoted to SVP – Operations in January 2023 after serving as Area VP – Texas & Oklahoma Area. | |
Johnson Varkey Executive | SVP and Chief Information Officer | None mentioned | CIO since January 2024. Previously VP – Enterprise Digital Services. | |
Michael J. Watson Executive | SVP and Chief Customer Officer | None mentioned | Chief Customer Officer since 2018. Focuses on customer experience and operational excellence. | |
Rafael E. Carrasco Executive | SVP – Enterprise Strategy | None mentioned | Joined WM in 2017. Previously SVP – Operations and Area VP for Greater Mid-Atlantic Area. Focuses on strategic initiatives. | |
Tara J. Hemmer Executive | SVP and Chief Sustainability Officer | None mentioned | Leads WM's sustainability initiatives, including $2.5B investments in recycling and renewable energy. Former SVP – Operations. | |
Andr\u00e9s R. Gluski Board | Director | President and CEO of AES Corporation; Chairman of Council of the Americas | Director since 2015. Expertise in energy policy, sustainability, and governance. | |
Bruce E. Chinn Board | Director | Chairman of AIChE Foundation; Board Member of Alliance to End Plastic Waste | Director since February 2023. Former CEO of Chevron Phillips Chemical. Expertise in sustainability and renewable energy. | |
Kathleen M. Mazzarella Board | Non-Executive Chair of the Board | Chairman, President, and CEO of Graybar Electric; Director at Cigna and Core & Main | Director since 2015. Became Non-Executive Chair in May 2023. Extensive leadership experience and governance expertise. | |
Maryrose T. Sylvester Board | Director | Director at Harley-Davidson, Vontier, and Flex Ltd. | Director since 2021. Former U.S. Managing Director at ABB Ltd. Expertise in technology and sustainability. | |
Thomas L. Bené Board | Director | President and CEO of Breakthru Beverage Group | Joined WM's Board in March 2024. Former CEO of Sysco Corporation and National Restaurant Association. | |
Victoria M. Holt Board | Director | Director at Piper Sandler, A. O. Smith, and Flex Ltd. | Director since 2013. Former CEO of Proto Labs. Expertise in innovation and risk management. | |
William B. Plummer Board | Director | Director at Global Payments Inc. | Director since 2019. Former CFO of United Rentals. Expertise in finance, M&A, and risk management. |
-
Given that your leverage is expected to rise to 3.6x after the Stericycle acquisition and recent tuck-in acquisitions, how do you plan to manage debt reduction while continuing to invest in growth opportunities and return value to shareholders, especially considering the temporary suspension of your share repurchase program?
-
With certain segments of your collection volumes trending behind full-year expectations, particularly in industrial and roll-off services, what specific strategies are you implementing to mitigate these volume declines, and how confident are you in the sustainability of your cost optimization efforts?
-
Considering softness in industrial volumes and potential economic uncertainties, how confident are you in maintaining your pricing power to sustain margin expansion into 2025, and what factors could impact your ability to do so?
-
How might the upcoming election outcomes impact your renewable natural gas (RNG) business, particularly regarding RIN pricing and the regulatory environment, and how does this influence your investment plans for RNG projects?
-
With the planned acquisition of Stericycle introducing medical waste as a new vertical, what integration risks do you foresee, and how do you plan to address potential cultural and operational challenges to ensure the projected financial and strategic benefits are realized?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Stericycle, Inc. | 2024 | Waste Management, Inc. acquired all outstanding shares of Stericycle for a total enterprise value of approximately $7.2 billion (including $1.4 billion of net debt) at $62.00 per share in cash, expecting annual cost synergies over $125 million while expanding its healthcare and regulated medical waste businesses; the deal was announced on June 3, 2024, and closed on November 4, 2024. |
Tuck-in acquisitions in New York, Florida, North Carolina, and Arizona | 2024 | Waste Management completed solid waste and recycling tuck-in acquisitions with a total consideration of $780 million (comprising primarily cash and minor purchase price holdbacks) to strategically expand its operations in key growth markets and enhance customer relationships, aligning with its broader operational synergies. |
Solid Waste and Recycling Acquisitions | 2023 | In 2023, Waste Management’s acquisitions were completed with a total consideration of $138 million (plus additional related considerations in prior periods), with allocations to property, intangible assets, and tax-deductible goodwill arising from expected integration synergies; these transactions remain in the measurement period for potential adjustments. |
Seven Businesses in the Solid Waste Segment | 2022 | The acquisition of seven businesses for $216 million involved $202 million in cash, $14 million in holdbacks, and allocations to property, customer relationships, and significant tax-deductible goodwill driven by synergy expectations, with additional holdback payments related to prior year acquisitions and ongoing measurement period adjustments. |
Recent press releases and 8-K filings for WM.
- Revenue reached $6,018 million with a 16.7% increase year-over-year, indicating robust top-line growth.
- WM Healthcare Solutions delivered $95 million in adjusted operating EBITDA, highlighting the success of its new business segment.
- The results reflect strong operational performance and disciplined cost management, with management expressing confidence in achieving the 2025 outlook.
- WM plans to invest approximately $3 billion in a sustainability strategy from 2022-2026, aiming to add 39 recycling facilities and 20 RNG facilities across the U.S.
- The company has grand opening events for four projects, including new or upgraded recycling sites near Baltimore and Central Texas, and RNG facilities in Chicago and Philadelphia, with over $323 million in executed investments.
- Upgrades involve state-of-the-art technology such as artificial intelligence and automation to boost recycling capacity and renewable natural gas production.