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Companies Waste Connections, Inc.

Waste Connections (WCN): executive pay, fiscal 2025

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CEO total pay$9,757,565CEO Ronald Mittelstaedt · source
Say-on-pay support95.75%Latest vote · source
CEO vs. named peers21st pct.Of 14 peer CEOs
CEO pay ratio130:1To the median employee · source

CEO pay, last three years

  • $5,755,052FY2023
  • $7,276,372FY2024
  • $9,757,565FY2025

CEO total pay was $9,757,565 in fiscal 2025, up from $7,276,372 in fiscal 2024.

FY2025: salary $1,171,943 · bonus $0 · stock awards $5,301,060 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Waste Connections, Inc. in fiscal 2025?
As disclosed, Ronald Mittelstaedt (President and Chief Executive Officer) was the highest-paid executive at Waste Connections, Inc. in fiscal 2025, with total compensation of $9,757,565.
How does Waste Connections, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Ronald Mittelstaedt's total compensation ranked at the 21st percentile of Waste Connections, Inc.'s disclosed peer group.
What is Waste Connections, Inc.'s CEO-to-median employee pay ratio?
As disclosed, Waste Connections, Inc.'s CEO-to-median employee pay ratio was 130:1.
How did shareholders vote on Waste Connections, Inc.'s executive compensation?
As disclosed, 95.75% of shareholders supported Waste Connections, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Waste Connections, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Waste Connections, Inc. reported total board compensation of $2,041,029 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ronald Mittelstaedt$1,171,943$0$5,301,060$0$3,097,600$0$186,962$9,757,565
President and Chief Executive Officer
Mary Anne Whitney635,28901,439,91801,072,000044,0683,191,275
Executive Vice President and Chief Financial Officer
Patrick Shea561,44201,269,0260927,216057,1962,814,880
Executive Vice President, General Counsel and Secretary
James Little515,57701,165,4320851,592057,7242,590,325
Executive Vice President – Engineering and Disposal
Domenico Pio554,2020960,0510732,212027,3482,273,813
Senior Vice President – Operations

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Ronald Mittelstaedt$9,757,565$7,276,372$5,755,052↑ +2,481,193
Mary Anne Whitney3,191,2752,544,2542,583,823↑ +647,021
Patrick Shea2,814,8802,306,8272,326,251↑ +508,053
James Little2,590,3252,119,6972,091,706↑ +470,628
Domenico Pio2,273,813———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee and the Board of Directors aim to set director compensation levels at or near the market median relative to directors at companies of comparable size, industry, and scope of operations in order to ensure directors are paid competitively for their time commitment and responsibilities.

CEO STI target (% of salary)160%
CEO LTI target (% of salary)—
Independent consultantPearl Meyer & Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
James LittlePSU2025-02-14—3,082—7,705$582,621
James LittleRSU2025-02-14——3,083—582,810
Mary Anne WhitneyPSU2025-02-14—3,808—9,520719,864
Patrick SheaPSU2025-02-14—3,356—8,390634,418
Ronald MittelstaedtPSU2025-02-14—14,021—35,0532,650,530
Ronald MittelstaedtRSU2025-02-14——14,021—2,650,530
Patrick SheaRSU2025-02-14——3,357—634,607
Mary Anne WhitneyRSU2025-02-14——3,809—720,053
Domenico PioPSU2025-02-14—2,505—6,263480,026
Domenico PioRSU2025-02-14——2,505—480,026

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
James Little$582,810$582,621$050.0%
Mary Anne Whitney720,053719,864050.0%
Patrick Shea634,607634,418050.0%
Ronald Mittelstaedt2,650,5302,650,530050.0%
Domenico Pio480,026480,026050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Domenico PioRSU727—$127,487
Ronald MittelstaedtRSU878—153,966
Ronald MittelstaedtRSU918—160,980
James LittleRSU1,224—214,641
Patrick SheaRSU1,255—220,077
Mary Anne WhitneyRSU1,436—251,817
Domenico PioRSU1,827—320,383
James LittleRSU1,832—321,260
Ronald MittelstaedtPSU1,836—321,961
Patrick SheaRSU2,025—355,104
Domenico PioPSU2,180—382,285
Mary Anne WhitneyRSU2,256—395,612
James LittleRSU2,346—411,395
Domenico PioRSU2,505—439,277
Domenico PioPSU2,505—439,277
Patrick SheaRSU2,557—448,396
Domenico PioPSU2,741—480,662
Mary Anne WhitneyRSU2,838—497,672
James LittlePSU3,082—540,460
James LittleRSU3,083—540,635
James LittlePSU3,127—548,351
Patrick SheaPSU3,356—588,508
Patrick SheaRSU3,357—588,684
Patrick SheaPSU3,409—597,802
James LittlePSU3,664—642,519
Mary Anne WhitneyPSU3,784—663,562
Mary Anne WhitneyPSU3,808—667,771
Mary Anne WhitneyRSU3,809—667,946
Ronald MittelstaedtRSU3,882—680,748
Patrick SheaPSU4,050—710,208
Mary Anne WhitneyPSU4,513—791,400
Ronald MittelstaedtPSU7,766—1,361,846
Ronald MittelstaedtRSU9,337—1,637,336
Ronald MittelstaedtPSU12,450—2,183,232
Ronald MittelstaedtRSU14,021—2,458,723
Ronald MittelstaedtPSU14,021—2,458,723
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael W. HarlanIndependent · Board Chair · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance$150,000$175,147——$0$325,147
Susan "Sue" LeeIndependent · Audit · Compensation · Nominating and Corporate Governance125,000175,147——0300,147
Elise L. JordanIndependent · Audit · Compensation · Nominating and Corporate Governance125,000175,147——0300,147
Edward E. "Ned" GuilletIndependent · Audit · Compensation · Nominating and Corporate Governance115,000175,147——0290,147
Carl D. SparksIndependent · Audit · Compensation · Nominating and Corporate Governance100,000175,147——0275,147
Andrea E. BertoneIndependent · Audit · Compensation · Nominating and Corporate Governance · Not standing for re-election100,000175,147——0275,147
Cherylyn Harley LeBonIndependent · Audit · Compensation · Nominating and Corporate Governance100,000175,147——0275,147
Daniel L. FlornessIndependent · Audit · Compensation · Nominating and Corporate Governance · Newly elected00——00

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$245,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000 / 15,000
Stock ownership guideline$550,000

Total cost of the board

ComponentFY2025
Cash retainers and fees$815,000
Equity awards (grant-date value)$1,226,029
All other compensation$0
Total cost of the board$2,041,029

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Waste Connections as a peer

Companies that benchmark against WCN

8 companies name WCN as a compensation peer

The list of companies that name WCN as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Waste Connections, Inc. names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Waste Management, Inc.2025James Fish$1,486,538$12,406,478$2,400,021$2,472,480$19,048,786
2Norfolk Southern Corporation2025Mark George1,100,0009,199,7332,300,0102,932,87516,245,050
3Republic Services, Inc.2025Jon Vander Ark1,302,69211,124,48901,982,66414,857,016
4Vulcan Materials Company2025J. Thomas Hill1,235,0007,906,5131,976,2883,043,00014,699,497
5Fortive Corporation2025Olumide Soroye931,7338,196,1253,706,5191,358,10014,405,012
6Martin Marietta Materials, Inc.2025C. Howard Nye1,368,3339,428,72602,835,71914,264,065
7Cintas Corporation2026Todd Schneider1,153,0677,888,91703,073,47012,158,605
8United Rentals, Inc.2025Matthew Flannery1,187,6719,080,47401,767,65612,057,571
9CSX Corporation2025Stephen Angel386,3645,385,3425,248,065513,86311,711,612
10Old Dominion Freight Line, Inc.2025Kevin Freeman1,033,6802,377,60608,167,84711,615,896
11W.W. Grainger, Inc.2025D.G. Macpherson1,176,3708,451,81901,653,07511,609,508
12Waste Connections, Inc.2025Ronald Mittelstaedt1,171,9435,301,06003,097,6009,757,565
13J.B. Hunt Transport Services, Inc.2025Shelley Simpson961,3856,927,52901,067,4219,004,371
14Rollins, Inc.2025Jerry Gahlhoff, Jr.1,100,0006,128,64301,683,0008,966,870
15Fastenal Company2025Daniel Florness750,0000861,3872,569,0004,183,328

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Waste Connections, Inc.160%PSU 50 · RSU 50Yes — Relative TSR ModifierPearl Meyer & Partners, LLC
Cintas Corporationnot disclosedRSU 50 · Options 50Nonot disclosed
CSX Corporation76%PSU 60 · Option 20 · RSU 20NoPay Governance, LLC
Fastenal Company342%Options 100not disclosednot disclosed
Fortive Corporationnot disclosedPSU 50 · RSU 25 · Option 25Yes — Relative TSR vs. S&P 500Pearl Meyer
J.B. Hunt Transport Services, Inc.not disclosedPSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Martin Marietta Materials, Inc.185%PSU 55 · RSU 45Yes — Relative TSRPay Governance
Norfolk Southern Corporation118.5%not disclosedYes — relative TSRFW Cook
Old Dominion Freight Line, Inc.not disclosednot disclosedYes — Three-year relative TSR compared to companies in the Dow Jones Transportation AveragePearl Meyer
Republic Services, Inc.91.79%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
Rollins, Inc.102%RSU 72 · PSU 28Yes — TSRMercer
United Rentals, Inc.99.2%PSU 80 · RSU 20NoPearl Meyer & Partners, LLC
Vulcan Materials Companynot disclosedPSU 60 · RSU 20 · SOSAR 20Yes — Total Shareholder Return (TSR) percentile rank relative to S&P 500 IndexMeridian Compensation Partners, LLC
W.W. Grainger, Inc.93%PSU 60 · RSU 40NoPay Governance, LLC
Waste Management, Inc.103.02%PSU 80 · Option 20NoFrederic W. Cook & Co., Inc.

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-15202,685,7949,000,505917,49195.75%Passed
20252025-05-16210,688,11910,336,222513,12595.32%Passed
20242024-05-17212,520,4779,259,759219,50695.73%Passed
20232023-05-19212,844,0649,875,306264,73895.45%Passed
20222022-05-13193,417,3573,932,014958,47697.53%Passed
20212021-05-14210,128,3475,529,22579,29997.44%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1595.75%a
20252025-05-1695.32%b
20242024-05-1795.73%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “You may vote " FOR " or " AGAINST " or you may " ABSTAIN " from voting on this proposal. This proposal will be considered approved, on a non-binding, advisory basis, by the affirmative vote of a simple majority (50 percent plus one) of the Common Shares present, either in person or by proxy, and entitled to vote.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)130 : 1
CEO total compensation$9,757,565
Median employee compensation$74,945
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (48 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Ronald Mittelstaedt. DEF 14A, filed 2026-04-02. Section “Summary Compensation Table” · page 60. As printed: 9,757,565. View filing ↗
  • Section 01, Mary Anne Whitney. DEF 14A, filed 2026-04-02. Section “Summary Compensation Table”. As printed: 3,191,275. View filing ↗
  • Section 01, Patrick Shea. DEF 14A, filed 2026-04-02. Section “Summary Compensation Table”. As printed: 2,814,880. View filing ↗
  • Section 01, James Little. DEF 14A, filed 2026-04-02. Section “Summary Compensation Table”. As printed: 2,590,325. View filing ↗
  • Section 01, Domenico Pio. DEF 14A, filed 2026-04-02. Section “Summary Compensation Table”. As printed: 2,273,813. View filing ↗
  • Section 03, James Little PSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, James Little RSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Mary Anne Whitney PSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Patrick Shea PSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Ronald Mittelstaedt PSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Ronald Mittelstaedt RSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Patrick Shea RSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Mary Anne Whitney RSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Domenico Pio PSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Domenico Pio RSU. DEF 14A, filed 2026-04-02. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-02. Section “CEO Pay Ratio”. As printed: 130 : 1. View filing ↗
  • Section 08, Michael W. Harlan. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 325,147. View filing ↗
  • Section 08, Susan "Sue" Lee. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 300,147. View filing ↗
  • Section 08, Elise L. Jordan. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 300,147. View filing ↗
  • Section 08, Edward E. "Ned" Guillet. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 290,147. View filing ↗
  • Section 08, Carl D. Sparks. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 275,147. View filing ↗
  • Section 08, Andrea E. Bertone. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 275,147. View filing ↗
  • Section 08, Cherylyn Harley LeBon. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 275,147. View filing ↗
  • Section 08, Daniel L. Florness. DEF 14A, filed 2026-04-02. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-15. Item 5.07 · say-on-pay result. As reported: 95.75% (votes for as printed: 202,685,794). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-16. Item 5.07 · say-on-pay result. As reported: 95.32% (votes for as printed: 210,688,119). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-17. Item 5.07 · say-on-pay result. As reported: 95.73% (votes for as printed: 212,520,477). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 815,000 + equity 1,226,029 + all other 0 = 2,041,029, summed across the director compensation table rows.
  • Waste Management, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Waste Management, Inc.'s own proxy. As printed: 19,048,786. View filing ↗
  • Norfolk Southern Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Norfolk Southern Corporation's own proxy. As printed: 16,245,050. View filing ↗
  • Republic Services, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Republic Services, Inc.'s own proxy. As printed: 14,857,016. View filing ↗
  • Vulcan Materials Company, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Vulcan Materials Company's own proxy. As printed: 14,699,497. View filing ↗
  • Fortive Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Fortive Corporation's own proxy. As printed: 14,405,012. View filing ↗
  • Martin Marietta Materials, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-15. CEO total compensation as printed in Martin Marietta Materials, Inc.'s own proxy. As printed: 14,264,065. View filing ↗
  • Cintas Corporation, Section 10b CEO total. DEF 14A, filed 2026-09-15. CEO total compensation as printed in Cintas Corporation's own proxy. As printed: 12,158,605. View filing ↗
  • United Rentals, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in United Rentals, Inc.'s own proxy. As printed: 12,057,571. View filing ↗
  • CSX Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in CSX Corporation's own proxy. As printed: 11,711,612. View filing ↗
  • Old Dominion Freight Line, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Old Dominion Freight Line, Inc.'s own proxy. As printed: 11,615,896. View filing ↗
  • W.W. Grainger, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in W.W. Grainger, Inc.'s own proxy. As printed: 11,609,508. View filing ↗
  • Waste Connections, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Waste Connections, Inc.'s own proxy. As printed: 9,757,565. View filing ↗
  • J.B. Hunt Transport Services, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-11. CEO total compensation as printed in J.B. Hunt Transport Services, Inc.'s own proxy. As printed: 9,004,371. View filing ↗
  • Rollins, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in Rollins, Inc.'s own proxy. As printed: 8,966,870. View filing ↗
  • Fastenal Company, Section 10b CEO total. DEF 14A, filed 2026-02-25. CEO total compensation as printed in Fastenal Company's own proxy. As printed: 4,183,328. View filing ↗
  • Section 10a, United Rentals, Inc. reciprocity. DEF 14A. United Rentals, Inc. names Waste Connections, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Rollins, Inc. reciprocity. DEF 14A. Rollins, Inc. names Waste Connections, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Waste Management, Inc. reciprocity. DEF 14A. Waste Management, Inc. names Waste Connections, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
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