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Utilities

Waste Management Executive Compensation (FY25)

WM · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
James Fish
Median of the other named officers
$5,076,093
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 12, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): May 14, 2026
12 filings cited on this page
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338 figures on this page: 328 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — James Fish: $17,097,120 → $19,048,786 (11.4% higher)
Say-on-pay support: 93.9% → 93.6% (0.3 points lower)
CEO pay ratio: 201:1 → 190.4:1 (5.3% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Waste Management's chief executive and what were they paid?
James Fish was paid $19,048,786 in total compensation as Chief Executive Officer for fiscal 2025. Fish's total was 11.4% higher than the $17,097,120 reported for fiscal 2024.
What was Waste Management's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 93.6% of votes cast including abstentions in favor at the meeting held May 12, 2026.
Which companies are in Waste Management's peer group?
The disclosed peer group names Carrier Global, Cintas, Constellation Energy, CSX and Cummins, among others.
What is Waste Management's chief executive pay ratio?
The company reported a chief executive pay ratio of 190.4:1 for fiscal 2025, against median employee compensation of $100,067.27.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Fish
President and Chief Executive Officer
◇—◇◇◇—◇◇
John Morris Jr.
Executive Vice President and Chief Operating Officer
◇—◇◇◇—◇◇
Devina Rankin
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Tara Hemmer
Senior Vice President and Chief Sustainability Officer
◇—◇◇◇—◇◇
Steven Batchelor
Senior Vice President — Operations
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Fish
Chief Executive Officer
◇—◇◇◇—◇◇
John Morris
President and Chief Operating Officer
◇—◇◇◇—◇◇
Devina Rankin
Former EVP and Chief Financial Officer
◇—◇◇◇—◇◇
Rafael Carrasco
SVP — Enterprise Strategy; President — WM Healthcare Solutions
◇—◇◇◇—◇◇
Tara Hemmer
SVP and Chief Sustainability Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Fish
Chief Executive Officer
◇—◇◇◇—◇◇
John Morris
President and Chief Operating Officer
◇—◇◇◇—◇◇
Devina Rankin
Former EVP and Chief Financial Officer
◇—◇◇◇—◇◇
Tara Hemmer
SVP and Chief Sustainability Officer
◇—◇◇◇—◇◇
Rafael Carrasco
SVP — Enterprise Strategy; President — WM Healthcare Solutions
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Fish
Chief Executive Officer
◇—◇◇◇—◇◇
John Morris
President and Chief Operating Officer
◇—◇◇◇—◇◇
Tara Hemmer
Senior Vice President and Chief Sustainability Officer
◇—◇◇◇—◇◇
Devina Rankin
Former Executive Vice President and Chief Financial Officer
Departed during or after this year
◇—◇◇◇—◇◇
Rafael Carrasco
Senior Vice President Enterprise Strategy; President WM Healthcare Solutions
◇—◇◇◇—◇◇
David Reed
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
David L. ReedPSU◇◇◇—◇—◇
David L. ReedRSU◇——◇——◇
David L. ReedRSU◇——◇——◇
Devina A. RankinPSU◇◇◇—◇—◇
Devina A. RankinOPTION◇——◇—◇◇
James C. Fish JrPSU◇◇◇—◇—◇
James C. Fish JrOPTION◇——◇—◇◇
John J. Morris JrRSU◇——◇——◇
John J. Morris JrPSU◇◇◇—◇—◇
John J. Morris JrOPTION◇——◇—◇◇
Rafael E. CarrascoPSU◇◇◇—◇—◇
Rafael E. CarrascoOPTION◇——◇—◇◇
Tara J. HemmerPSU◇◇◇—◇—◇
Tara J. HemmerRSU◇——◇——◇
Tara J. HemmerOPTION◇——◇—◇◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
James FishPSU◇◇——
Option◇—◇2/25/2035
Option◇—◇3/1/2034
Option◇—◇3/7/2033
John MorrisPSU◇◇——
Option◇—◇2/25/2035
Option◇—◇3/1/2034
Option◇—◇3/7/2033
RSU◇◇——
Devina RankinPSU◇◇——
Option◇—◇2/25/2035
Option◇—◇3/1/2034
Option◇—◇3/7/2033
Rafael CarrascoPSU◇◇——
Option◇—◇2/25/2035
Option◇—◇3/1/2034
Option◇—◇3/7/2033
Tara HemmerPSU◇◇——
RSU◇◇——
Option◇—◇2/25/2035
Option◇—◇3/1/2034
Option◇—◇3/7/2033
David ReedRSU◇◇——
PSU◇◇——
Option◇—◇3/1/2034
Option◇—◇3/7/2033
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
David Reed
Executive Vice President and Chief Financial Officer · Terms as announced by the company
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
James Fish
Chief Executive Officer · Terms as announced by the company
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Rafael Carrasco
Senior Vice President Enterprise Strategy; President WM Healthcare Solutions · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Tara Hemmer
Senior Vice President and Chief Sustainability Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kathleen M. Mazzarella
Board chair
◇◇————◇
William B. Plummer
◇◇————◇
Victoria M. Holt
◇◇————◇
Andrés R. Gluski
◇◇————◇
Thomas L. Bené
◇◇————◇
Maryrose T. Sylvester
◇◇————◇
Sean E. Menke
◇◇————◇
Bruce E. Chinn
◇◇————◇
James C. Fish Jr served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Carrier Global CARR
  • Cintas CTAS
  • Constellation Energy CEG
  • CSX CSX
  • Cummins CMI
  • Duke Energy DUK
  • Eaton ETN
  • Emerson Electric EMR
  • FedEx FDX
  • Grainger (WW) GWW
  • Johnson Controls International JCI
  • NextEra Energy XIFR
  • Norfolk Southern NSC
  • PACCAR PCAR
  • Parker-Hannifin PH
  • Republic Services RSG
  • Schlumberger SLB
  • Southern SO
  • Sysco SYY
  • Trane Technologies TT
  • Union Pacific UNP
  • United Rentals URI
  • UPS UPS
  • Waste Connections WCN

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 12, 2026=◇◇◇
2024May 13, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 9, 2023=◇◇◇
2021May 10, 2022=◇◇◇
2020May 11, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 14, 2019=◇◇◇
2017May 14, 2018=◇◇◇
2016May 12, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- James Fish (Chief Executive Officer), FY2025 total compensation $19,048,786 (base salary $1,486,538) [exec_comp, SEC accession 0001104659-26-037381, filed 2026-03-31]

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What this page does not include

Everything above is a fact Waste Management disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Waste Management sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
338 figures on this page: 328 cited to the filing that reported them, 10 calculated from figures it prints.
328 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001104659-26-060755
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001104659-26-037381
    Compensation Discussion and Analysis · Grant of Plan-Based Awards in 2025 · Non-Employee Director Compensation · Outstanding Equity Awards as of December 31, 2025 · and 1 more section
  3. 0001104659-25-048609
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001104659-24-063047
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001104659-23-058503
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-23-037529
    Summary Compensation Table
  7. 0001104659-22-060440
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-21-065992
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-20-062449
  10. 0001104659-19-030257
  11. 0001104659-18-033991
  12. 0001104659-17-033031
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This page is free to cite. Attribution we ask for:
Velarion, “Waste Management executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/WM (accessed 2026).
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12 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Waste Management discloses

The companies named in WM's own disclosed peer group.

Carrier GlobalCintasConstellation EnergyCSXCumminsDuke EnergyEatonEmerson ElectricFedExGrainger (WW)Johnson Controls InternationalNextEra EnergyNorfolk SouthernPACCARParker-HannifinRepublic ServicesSchlumbergerSouthernSyscoTrane TechnologiesUnion PacificUnited RentalsUPSWaste Connections

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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