PHOENIX--(BUSINESS WIRE)--May. 4, 2009--
Republic Services, Inc. (NYSE: RSG) today filed a supplement to its
proxy statement for the 2009 Annual Meeting of Stockholders to describe
new employment agreements with James O’Connor, chief executive officer,
and Tod Holmes, chief financial officer.
The new employment agreements for Messrs. O’Connor and Holmes are
consistent with the company’s executive compensation philosophy, which
is designed to retain and motivate executives to increase stockholder
value on both an annual and long-term basis, particularly as the company
continues to integrate the acquired Allied Waste operations. The
compensation committee of the Republic Services board of directors,
which engaged outside compensation consultants to assist in its
analysis, believes that the proposed new employment agreements
effectively align Messrs. O’Connor’s and Holmes’ interests with the
long-term interests of the company’s stockholders.
The new agreements are subject to, and will become effective on,
approval by the company’s stockholders of the Executive Incentive Plan
at the annual meeting, as proposed in the proxy statement. Additional
details of the company’s executive compensation plans can be found on
the company’s website or in its filings with the Securities and Exchange
Commission.
About Republic Services, Inc.
Republic Services, Inc. has been building on success since its inception
in 1998, becoming an industry-leading provider of waste and
environmental services. The company provides trash collection services
to commercial, industrial, municipal and residential customers in 40
states and Puerto Rico through its 400 collection companies. Republic
Services owns or operates 242 transfer stations, 213 solid waste
landfills and 78 recycling facilities. The company is headquartered in
Phoenix, Arizona and has approximately 34,000 employees. For more
information, visit the Republic Services web site at www.republicservices.com.
Source: Republic Services, Inc.
Republic Services, Inc.
Media:
Will Flower, 480-718-6565
or
Investors:
Ed
Lang, 480-627-7128