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Rail News: CSX Transportation

CSX shareholders approve CEO Harrison's reimbursement

CSX CEO E. Hunter Harrison
Photo – File photo

CSX Corp. shareholders attending the company's annual meeting yesterday approved an $84 million compensation package for E. Hunter Harrison to serve as chief executive officer. 

The payment package was associated with Harrison's decision to join the company as its top executive earlier this year. Harrison had said he would not serve if shareholders did not approve the payment package.

Based on preliminary results, 93 percent of votes were cast in favor of the reimbursement, according to a CSX press release.

The payment is tied to compensation that Harrison gave up when he left his CEO post at Canadian Pacific in order to join CSX.

CSX shareholders voted after they were reassured by Harrison that he can lead a turnaround despite an undisclosed medical condition that requires him to use supplemental oxygen, The Wall Street Journal reported yesterday.

Harrison, who was connected to an oxygen machine while on stage at the annual meeting, told the shareholders that the CSX board is informed of his medical condition and that his doctor cleared him to work, the newspaper reported.

Also yesterday, shareholders elected to the board all 13 nominees named in the proxy statement. Directors elected to serve until the company's 2018 meeting are Harrison, Donna Alvarado, John Breaux, Pamela Carter, Steven Halverson, Paul Hilal, Edward Kelly III, John McPherson, David Moffett, Dennis Reilley, Linda Riefler, J. Steven Whisler and John Zillmer.

Contact Progressive Railroading editorial staff.

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