(The Canadian Press circulated the following story on March 22.)
MONTREAL — Hunter Harrison, chief executive of Canadian National Railway Co., picked up a bonus of $3.5 million US for his part in helping the railway achieve record earnings in 2004.
Harrison, who became CEO in January 2003, received total compensation of more than $16 million US for the year, according to regulatory filings posted this week.
That includes his salary of $1.25 million US, a bonus of $3.5 million US and other compensation of $1.2 million US. In addition he was granted shares or units valued at about $10.75 million US when they were issued last year.
Canadian National posted a profit of $1.3 billion Cdn in 2004.
In 2003, Harrison’s compensation was $2.8 million US.
In addition, the value of unexercised share options Harrison held at the end of 2004 reached some $56 million US.
The Montreal-based continental railway reported its best-ever financial results in 2004 as earnings per share rose 24 per cent, despite a 30-day strike by workers affiliated with the Canadian Auto Workers.
CN said in a release its compensation policy “is line with that of major U.S. corporations, including railroads. CN competes with these corporations for executive talent.”
CN shares (TSX:CNR) gained 57 cents to close at $75.85 Cdn in Tuesday trading on the Toronto Stock Exchange.