(The Associated Press circulated the following on March 24, 2011.)
NEW YORK — The CEO of railroad CSX Corp. received total compensation valued at $7.7 million in 2010, a 9 percent raise from 2009, according to an Associated Press analysis of a company regulatory filing.
Michael Ward’s pay boost came in a year the railroad saw its earnings jump as the U.S. economy improved.
According to CSX’s filing with the Securities and Exchange Commission, Ward earned a base salary of $1.1 million, the same as in 2009. His performance-based cash bonus, though, soared 76 percent to $2.1 million.
The bulk of Ward’s compensation came in the form of stock awards, which were valued at $4.3 million when they were granted. That’s down 6 percent from $4.6 million in 2009.
In addition, Ward also received about $158,000 in perks, which included the company match to Ward’s retirement plan, certain charitable contributions and use of corporate aircraft.
For all of 2010, CSX earned net income of $1.56 billion, up 37 percent from 2009 earnings of $1.14 billion. Revenue rose 18 percent to $10.63 billion.
The full story is on the Seattle Times website.