Houston-based Waste Management named David P. Steiner to succeed A. Maurice Myers as chief executive officer. Mr. Myers will remain as chairman until November, when he will retire. Upon Mr. Myers’ retirement, board Director John Pope, a former president and chief operating officer of UAL Corp.’s United Airlines, will become the company’s nonexecutive chairman.
The company also named Lawrence O’Donnell III as president and chief operating officer. Previously, O’Donnell was executive vice president, operations support, and the chief administrative officer. Robert G. Simpson, formerly senior vice president and chief accounting officer, replaced Mr. Steiner as finance chief.
Mr. Myers was responsible for stabilizing Waste Management’s business after a 1998 accounting scandal rocked the company and foreshadowed similar scandals at Enron, WorldCom, and other companies. The 1998 scandal resulted in Waste Management declaring a $1.2 billion charge against earnings, removal of the company’s top executives, a Securities and Exchange Commission review, and dozens of shareholder lawsuits.