Waste Connections Reappoints Ronald Mittelstaedt As CEO; Reaffirms FY23 Guidance

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• Waste Connections, Inc WCN has named the Executive Chairman, Ronald J. Mittelstaedt, as its President and Chief Executive Officer, effective April 23, 2023. Mittelstaedt succeeds Worthing F. Jackman.
• Jackman also stepped down as a member of the Board of Directors and withdrew as a nominee for election as a director.
• Mittelstaedt is Waste Connections' founder and was the Chief Executive Officer from 1997 until July 2019.
• Michael W. Harlan, the lead independent director of WCN, was appointed chairman of the board in a non-executive capacity.
• Outlook: WCN reaffirmed the FY23 financial outlook provided in February, where it sees revenue of ~$8.050 billion vs. consensus of $8.09 billion, net income of ~$961 million, and Adjusted EBITDA of ~$2.5 billion.
• The company expects FY23 net cash provided by operating activities of ~ $2.12 billion and an Adjusted free cash flow of $1.225 billion.
• Price Action: WCN shares closed higher by 0.93% at $145.10 on Friday.