Dive Brief:
- Waste Management alum and former finance chief Devina Rankin received a $1 million cash bonus from the company on March 13, the same day her role as an executive advisor to the company concluded, the company said in a Friday securities filing. She served as advisor “at her prior base salary” through March 13, according to the filing.
- The bonus is part of an agreement between Rankin and the Houston, Texas-based company in association with her retirement and the successful transfer of the CFO reins last year to her successor David Reed, according to the filing. Rankin officially stepped down from her CFO seat on Nov. 1 and stayed on as an executive advisor to help facilitate a smooth transition, the company said in an August press release announcing her coming retirement.
- Rankin received the bonus “in recognition of the value delivered to stockholders as a result of her leadership in completing the orderly transition of the Chief Financial Officer role to her successor and her important contributions toward the integration of our Healthcare Solutions business,” according to the filing with the Securities and Exchange Commission.
Dive Insight:
Rankin served eight years as the waste collection and disposal firm’s finance chief, and held numerous top finance positions during her more than two-decade tenure at the company, according to her LinkedIn profile. She is retiring to “dedicate focus to her long-standing passions for education and not-for-profit service,” according to the Aug. 21 press release.
Reed, who joined the company in 2017, succeeded Rankin as CFO on Nov. 1, the company said in an Aug. 22 SEC filing. Previously, he served as its VP of and business partner for West Tier operations, and also served a stint as its VP and treasurer, according to the August filing.
Rankin’s bonus payment was to be made in a single lump sum Friday or “as soon as practical,” according to the transition agreement detailed in a letter to Ranking attached to the filing signed by CEO Jim Fish.
Waste management “congratulates and thanks you for your admirable career spanning 23 years of dedicated service to WM, including nearly nine years as Chief Financial Officer,” Fish wrote in the agreement.
The $1 million bonus was in addition to annual cash incentive award Rankin received for 2025, according to the filing.
Waste Management has yet to file its proxy statement for its full year 2025. However, for full-year 2024, Rankin received total compensation of approximately nearly $5 million, including an annual base salary of $790,035, about $2.4 million in stock awards and about $1.2 million in non-equity incentive plan compensation, according to Waste Management’s most recent proxy filed April 1, 2025.
Outlining the bonus in the Friday filing, Waste Management also highlighted Rankin’s “important contributions” to the integration of its Healthcare Solutions business, created in 2024 with the acquisition of Stericycle, a medical waste disposal firm, for approximately $7.2 billion. The division concerns regulated medical waste and secure information destruction.
Both Fish and Reed expressed confidence in the development of its healthcare segment during the company’s most recent earnings call on January 28 — Reed’s first in his role as CFO.
Waste Management achieved “targeted integration of the Healthcare Solutions operations into its existing field management and operating structure during the fourth quarter,” the company said as part of its earnings release for its Q4 and full-year 2025. “The Company expects this integration step to benefit customer engagement, cross selling, and operating cost optimization beginning in 2026.”
Waste Management did not immediately respond to requests for comment surrounding Rankin’s departure as an advisor or the bonus amount.
