(The Associated Press circulated the following story by Samantha Bomkamp on March 24, 2010.)
NEW YORK — The chairman, president and CEO of railroad operator CSX Corp. saw his total compensation fall 4 percent last year from the year before, according to an Associated Press analysis of a regulatory filing Wednesday.
Michael J. Ward’s compensation was just over $7 million last year, compared with $7.3 million in 2008.
His base salary grew about 4 percent to $1.1 million. But Ward’s performance-based cash bonus fell 41 percent to $1.2 million. The amount the executive received in perks also fell sharply. The total value of extras — including company-mandated aircraft usage and payment for Ward’s service as a director — sank by 35 percent to $137,598.
But the bulk of his compensation — $4.6 million — came in the form of stock options and awards. That was up from about $4 million in 2008.
Ward, 59, has led CSX since 2003.
Last year was one of the most difficult in decades for the railroads, as demand for everything from cars to construction materials fell off dramatically in the recession.
CSX’s earnings fell 16 percent to $1.15 billion last year. Revenue for 2009 dropped 20 percent to $9.04 billion.
Shares of the company rose 49 percent during the year, mostly in the second half of 2009 on hopes of an initial economic recovery. The stock closed at $51.10 on Wednesday.
The Associated Press formula is designed to isolate the value the company’s board placed on the executive’s total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, 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, which reflect the size of the accounting charge taken for the executive’s compensation in the previous fiscal year.
The Jacksonville, Fla., company will host its annual meeting May 5 in Philadelphia.