(The following appeared on the Kansas City Southern website on July 2.)
KANSAS CITY, Mo. — Art Shoener, who recently resigned as Kansas City Southern’s president and chief operating officer, will receive nearly $2 million in total severance benefits, according to a regulatory filing.
Under a severance agreement, Shoener will be paid a lump-sum of $371,903 for unused vacation, relocation expenses and other compensation claims. In addition, he will receive another lump-sum payment of $268,657 in December.
Also for a two-year period, Shoener will be paid $55,970 on a monthly basis. Kansas City Southern also has agreed to cover medical benefits for Shoener and eligible dependents under COBRA rules.
In the document filed Wednesday with the Securities and Exchange Commission, the company said Shoener has agreed not to join a competitor and not to disclose proprietary information while receiving the benefits.
David L. Starling became Kansas City Southern’s new president and chief operating officer on Tuesday.