Annual pay once again increased in 2023 for most executives at major publicly traded waste and recycling companies, according to recent proxy filings.
Executive compensation was largely not in the spotlight for the waste industry this year, aside from GFL Environmental recently facing some opposition to its own pay package. CEO Patrick Dovigi was the top earner among U.S. and Canadian counterparts this year, due to multiple factors. Shareholders ultimately approvedan advisory resolution on GFL’s pay policy, a common approach at multiple companies,during the company’s annual meeting in May.
The waste industry’s higher pay trend follows that of CEOs at major companies in other business sectors, who generally also saw increased pay in 2023. Research from Equilar, which examined CEO pay data for the top executives of S&P 500 companies, showed median total compensation rose by 12.6% to $16.3 million in 2023, a significant increase from the 0.9% rise it reported for 2022.
Equilar also assessed pay for CEOs at the largest 100 companies by revenue, which showed those high-paid CEOs in the U.S. earned over 20% more in 2023 than the previous year, with the median total compensation reaching around $29.1 million.
Though most publicly traded waste and recycling industry CEOs saw their compensation increase somewhat in 2023, many reported significantly higher “compensation actually paid” compared to the previous year in part due to stock performance.In 2022, the Securities and Exchange Commission instituted a new rule requiring CAP disclosure in an effort to more closely measure the value of CEO stock awards.
Two waste industry companies also saw a change in top leadership during 2023,which will affect their CEO pay trends over time.
Industry breakdown
Hover over the chart for specific data, organized in order of company revenue.
*GFL reports in Canadian currency, calculation based on July 22 exchange rate
WM President and CEO Jim Fish
- 2023 company revenue: $20.43 billion
- Base salary: $1,388,461 (Fish donated $200,000 of his base salary “to fund scholarships and other programs that benefit company employees.”)
- Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $13,240,393
- 2023 total compensation: $14,628,854
- 2023 CAP: $26,638,740
Republic Services President and CEO Jon Vander Ark
- 2023 company revenue: $14.97 billion
- Base salary: $1,113,077
- Stock awards, non-equity incentive plan compensation and all other compensation: $10,698,981
- 2023 total compensation: $11,812,059
- 2023 CAP: $18,708,726
Waste Connections President and CEO Ron Mittelstaedt
- 2023 company revenue:$8.02 billion
- Base salary: $892,308
- Share-based awards, non-equity incentive plan compensation and all other compensation: $4,862,745
- 2023 total 2023 compensation: $5,755,052
- 2023 compensation actually paid: $6,859,562
Mittelstaedt’s total compensation also includes time spent as executive chairman before he returned to the role of president and CEO in April 2023. Former CEO Worthing Jackman’s total compensation for the year was $6,297,261.
GFL Environmental President and CEO Patrick Dovigi
- 2023 company revenue: $5.46 billion
- Base salary: $1,534,219
- Share-based awards, annual incentive plan and all other compensation: $48,240,854
- 2023 total compensation: $49,775,073
All calculations based on July 22 exchange rate.GFL does not report CAP as a Canada-based company.
Clean Harbors co-President and co-CEO Eric Gerstenberg
- 2023 company revenue: $5.41 billion
- Base salary: $831,250
- Stock awards, non-equity incentive plan compensation and all other compensation: $4,107,293
- 2023 total compensation: $4,938,543
- 2023 CAP: $10,246,152
Clean Harbors co-President and co-CEO Mike Battles
- Base salary: $810,000
- Stock awards, non-equity incentive plan compensation and all other compensation: $4,107,312
- 2023 total compensation: $4,917,312
- 2023 CAP: $9,168,758
Gerstenberg’s total compensation includes time spent as chief operating officer before becoming co-CEO in March 2023. Battles’total compensation includes time spent as CFO before becoming co-CEO at the same time. Former CEO Alan McKim shifted to the role of executive chairman and chief technology officer. His total compensation for the year was $2,296,564.
Stericycle President and CEO Cindy Miller
- 2023 company revenue: $2.66 billion
- Base salary: $1,068,860
- Stock awards, non-equity incentive plan compensation and all other compensation: $6,221,972
- Total 2023 compensation: $7,290,832
- 2023 CAP: $7,614,184
Enviri Chairman, President and CEO F. Nicholas Grasberger III
- 2023 company revenue: $2.07 billion
- Base salary: $1,014,269
- Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $5,584,381
- 2023 total compensation: $6,598,650
- 2023 CAP: $7,749,000
Casella Waste Systems Chairman and CEO John Casella
- 2023 company revenue: $1.27 billion
- Base salary: $739,692
- Stock awards, non-equity incentive plan compensation and all other compensation: $2,721,905
- 2023 total compensation: $3,461,597
- 2023 CAP: $3,778,584
Median employee ratios
U.S. public companies are required to contrast CEO compensation with compensation of a “median employee.”
Equilar noted that the 2023 pay ratio between median employees and CEOsat the largest 100 companies in the U.S. grew to an average of 312:1. That’s compared to 288:1 in 2022 and 254:1 during 2021.Meanwhile, CEO pay for S&P 500 companies also increased at a higher rate than their median employees, increasing from 185:1 in 2022 to 196:1 in 2023.
Ratios for pay between waste CEOs and their median employees, while high, tend to be lower than these averages.
The long view
Many of the waste and recycling industry’s top executives have seen incremental pay growth over time, outside of wider swings related to stock performance or certain bonuses. The chart below reflects that trajectory since 2018 and includes compensation data for years in which some current CEOs were serving in prior roles.
For example, Republic’s Vander Ark started 2018 as chief operating officer before he was promoted to president in April 2019 and CEO in June 2021. Waste Connections’ Mittelstaedt started 2018 as CEO, a role he’d held for many years since founding the company, but stepped down in July 2019. He resumed the role in April 2023. Stericycle’s Miller started as president and chief operating officer in September 2018 and was promoted to CEO in May 2019. Clean Harbors’ Battles and Gerstenberg held the roles of CFO and COO respectively until their promotions in March 2023.
Hover over the chart for specific data by year and executive.
