Pay rose for multiple waste and recycling CEOs in 2023, especially GFL (2024)

Table of Contents

Industry breakdown Median employee ratios The long view FAQs References

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.

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.

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.

FAQs

Pay rose for multiple waste and recycling CEOs in 2023, especially GFL? ›

Shareholders ultimately approved an 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.

See Details ›

Is GFL bigger than waste management? ›

GFL Environmental's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of GFL Environmental. Their current market cap is $11.10B. Waste Management's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of Waste Management. Their current market cap is $54.71B.

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Who is the CEO of GFL waste? ›

Patrick Dovigi, Founder, President, Chief Executive Officer

Dovigi is the Founder, President and Chief Executive Officer and Chairman of the Board of Directors of GFL.

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Did GFL buy American waste? ›

UPDATE: Feb. 4, 2020: GFL Environmental finalized the purchase of Michigan-based American Waste and all of its subsidiaries on Feb. 1, per a recent filing with the Securities and Exchange Commission (SEC).

Read On ›

Who did GFL buy? ›

On August 17, 2021, GFL acquired solid waste business, Terrapure Environmental Ltd., and its subsidiaries for $743.8 million. The deal did not include Terrapure's battery recycling business. In May 2022, the GFL acquired Sprint Waste Services, a solid waste company with assets in Texas and Louisiana.

Who is the largest garbage company in the US? ›

Waste Management Inc, also known as WM, is the largest waste company in the United States.

Get More Info ›

Is GFL in debt? ›

Total debt on the balance sheet as of June 2024 : $7.39 B.

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How much is the owner of GFL worth? ›

In 2017, Dovigi's net worth was estimated at $1.08 billion. In 2018, GFL merged with Waste Industries, increasing Dovigi's net worth to more than $1 billion.

Is GFL profitable? ›

GFL Environmental net income for the twelve months ending June 30, 2024 was $-0.581B, a 114.07% increase year-over-year. GFL Environmental annual net income for 2023 was $-0.035B, a 85.54% decline from 2022. GFL Environmental annual net income for 2022 was $-0.24B, a 50.46% decline from 2021.

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How many landfills does GFL own? ›

As of 2021, GFL operates over 90 landfills across North America. Out of all their owned and operated municipal solid waste landfills, 79 percent had gas collection and treatment systems by 2019. During that year alone, 39,751 tons of GHG emissions were avoided using alternative energy generation.

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What did GFL used to be called? ›

New name, same great service – NES is now GFL Environmental!

2021 (“GFL”) as your new solid waste services partner. GFL acquired shares of Northern Environmental Services Inc.