(The Associated Press circulated the following on February 21.)
NEW YORK — Michael J. Ward, railroad operator CSX Corp.’s (NYSE:CSX) chairman, president and chief executive, received compensation valued at $6.3 million in 2007, according to a regulatory filing Thursday.
Ward, 57, received a base salary of $1 million, non-equity incentive plan compensation of $1.1 million, and $202,117 in all other compensation, according to a filing with the Securities and Exchange Commission.
Other compensation includes a $15,000 allowance for perquisites, or ‘perks,’ as well as amounts for personal aircraft usage, financial planning services, health screenings, excess liability insurance, and discounts at the resort CSX owns.
Ward also received $105,922 for company-mandated aircraft usage, as well as a company match gift program of $50,000 that Ward is eligible for because he is a director.
The bulk of his award came in the form of stock and option awards the company value at about $4 million.
The AP’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
CSX said in January yearly earnings fell 6 percent to $1.23 billion, or $2.99 a share, down from $1.31 billion, or $2.82 a share, a year ago. Annual revenue rose 5 percent to $10.03 billion from $9.57 billion in 2006, as the company faced sharply higher fuel costs.