UPDATE 1-Waste Management to cut 700 jobs, to take 3rd-qtr charge
* Cuts more than 1.5 pct of workforce
* Shares down 4 pct in premarket trade
July 26 (Reuters) - Waste Management Inc said it is cutting about 700 jobs, or more than 1.5 percent of its workforce, and will take a related pre-tax charge of between $50 million and $60 million in the third quarter.
Waste Management said it expects reduce about 100 basis points of costs with the reorganization, which includes the removal of the management layer consisting of the Eastern, Midwest, Southern and Western geographic groups.
The company, which provides collection, transfer, recycling, resource recovery and disposal services, also named James Trevathan as its chief operating officer.
Waste Management shares were down 4 percent at $31.08 in premarket trade. They closed at $32.44 on Wednesday on the New York Stock Exchange.