Waste Management Inc. (NYSE:WMI) noted yesterday that the Securities and Exchange Commission (SEC) has announced a settlement with two former executives who left the company more than four years ago. The settlement resolves litigation between the SEC and the individuals related to conduct that occurred during the first half of 1999. This period of time predates Waste Management’s current executive management team. In addition, the SEC announced it would litigate against a third former executive.
The company views this settlement and the ongoing litigation as matters between the former executives and the SEC and, for that reason, will make no further comment on the action.
Waste Management has made significant changes both to its leadership team and to its business over the past four years. “We are focused on a new Waste Management – a company that recently appeared on Business Week magazine’s ‘Most Improved Board’ list. We are proud of our accomplishments, and we continue to strive for excellence in everything we do,” A. Maurice Myers, chairman, president and CEO of Waste Management Inc. said.
In June 2000, Waste Management announced that it settled an administrative action with the SEC, without admitting or denying the SEC’s findings, pertaining to a 2nd quarter 1999 earnings shortfall. The SEC order assessed no monetary penalty or fine against the company. As previously disclosed, the company cooperated fully with the SEC in its inquiry.