- Strong signs for push-out forces
- After almost 13 years on the job
- Praise and thanks for Steiner
- Jim Fish takes over
(management-change.com) — Houston, Texas, November 10, 2016 — David Steiner, chief executive of Waste Management, leaves. As announced by Waste Management, Inc. in a news release on Thursday, November 10, 2016, David P. Steiner leaves the post as Chief Executive Officer at the waste management company in a surprising move after almost 13 years on the job.
It is the end of an era.
The exact date of Steiner’s departure was not given. Obviously, it was an abrupt change.
Steiner’s duties are taken over by Jim Fish, Jr., currently President and CFO at Waste Management, Inc.
Waste Management, Inc. still listed Steiner as Chief Executive Officer on its leadership page.
“Culmination of a succession planning process”
Steiner’s departure is explained as follows. W. Robert Reum, Non-Executive Chairman of the Board said: “Today’s announcement is the culmination of a succession planning process we started 18 months ago with the support of the entire Board.”
Precise information about the future plans of Steiner was not immediately available.
Share price rise since November 2012
The change follows a rise in the share price of Waste Management, Inc. since November 2012.
Bill & Melinda Gates Foundation holds 4.21 percent stake
Bill & Melinda Gates Foundation reported a 4.21 percent stake in Waste Management, Inc. as of June 30, 2016. Bill & Melinda Gates Foundation is the largest private foundation in the world, founded by Bill and Melinda Gates.
Chaired by W. Robert Reum
Waste Management, Inc. is chaired by W. Robert Reum.
Bob Reum has served as chairman, president and chief executive officer of Amsted Industries, Inc., a diversified manufacturer for the railroad, construction and building industries, since March 2001.
On the job as CEO since 2004
David P. Steiner has been the Chief Executive Officer of Waste Management, Inc. since March 08, 2004.
Prior to being elected CEO in March 2004, Steiner was Waste Management’s chief financial officer.
Steiner joined Waste Management in November 2000 as vice president and deputy general counsel and was appointed senior vice president, general counsel and corporate secretary in July 2001.
In April 2003, he was elected CFO.
He joined Waste Management from Phelps Dunbar, a law firm in New Orleans, La.
Prior to that, he was an associate at Gibson, Dunn & Crutcher in San Jose, California.
Steiner remains on the Board of Directors.
No bad blood
The fact that Steiner is staying on as a director would suggest there’s no bad blood with the board.
Strong signs for push-out forces
It is not completely certain what forces eventually triggered David P. Steiner’s move.
The Push-out Score™ determined by management-change.com suggests strong signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 43.2016 ($).