No. 2 Exec Ousted at Waste Management

Waste Management Inc. dumped its No. 2 executive as part of a management overhaul and said it will shed underperforming businesses in moves to get its ailing business back on track. The Oak Brook, Ill.-based trash hauler acknowledged that the Securities and Exchange Commission and New York Stock Exchange are conducting inquiries into insider sales of the company’s stock prior to an earnings warning it issued July 6. Rodney Proto resigned as president and chief operating officer. Chief Executive and Chairman John Drury resigned but will remain on the board. Robert Miller, who was CEO of Waste Management prior to its USA Waste merger, was named chief executive but began a search for a permanent CEO. Shares closed down 50 cents at $23.13 on the NYSE.