Investors Leery of Waste Management’s Choice for CFO

Lynn Schenkman

New York — Some members of the investment community are expressing disapproval of Houston-based Waste Management Inc.’s newly appointed chief financial officer, David Steiner. JP Morgan’s Equity Research department reported that investors are unhappy with the appointment of an internal candidate because they are frustrated with the pace of margin expansion and believe an insider will be unlikely to push for changes to the company’s operating strategy. Chief Executive Officer Maury Myers said that in spite of several external applicants, Steiner was a clear choice for the position and should prove to be an analytical CFO.