(The following article by Gregory Richards was posted on the Virginian-Pilot website on April 1.)
NORFOLK, Va. — L.I. “Ike” Prillaman, Norfolk Southern Corp.’s vice chairman and chief marketing officer, has retired from the company effective today, the Norfolk-based railroad said Friday.
Prillaman, 63, has held those roles since 1998, making him one of the most powerful men at the rail giant as one of its three vice chairman.
“Ike has had a long and distinguished career with our company, and his retirement is deserved and he’s taking advantage of it,” said Robert Fort, Norfolk Southern’s vice president of corporate communications.
While his retirement was not unexpected, Fort said he was unsure of the reason for it. Prillaman probably wanted to spend more time with his grandchildren, Fort said.
Prillaman, who had not yet reached the mandatory retirement age of 65, could not be reached for comment at his Virginia Beach home Friday night.
Fort said that to his knowledge the company’s Board of Directors has not yet chosen a replacement for Prillaman.
Last year, Prillaman received $6.11 million in compensation, up from $3.89 million in 2004, according to the company’s proxy statement filed March 23 with the Securities and Exchange Commission.
The company and Prillaman settled on a retirement agreement, filed Friday with the SEC, that increases his pension benefits and allows him to keep 67,557 shares of Norfolk Southern stock or stock units that he otherwise would have had to forfeit upon retirement. Those shares were worth $3.7 million at Friday’s closing price.
Prillaman led a varied career through Norfolk Southern’s ranks. He joined Norfolk & Western Railway, a predecessor of Norfolk Southern, in 1970 as a manager in the auditing department, according to his company biography. He rose through the auditing department of Norfolk & Western and then Norfolk Southern, where in 1983 he was named assistant vice president of internal audit. In 1985, he switched over to the accounting department as a vice president.
In 1995, he changed paths again, moving to the marketing department as an executive vice president.
“Ike’s had one of the most versatile and successful careers of any Norfolk Southern officer that I’m aware of,” Fort said.
Prillaman is following David Goode, Norfolk Southern’s former chairman, chief executive officer and president, into retirement. Goode relinquished his chairman title in February and his titles as president and chief executive officer before that.
Outside of Norfolk Southern, Prillaman is on the Board of Directors of the Virginia Economic Development Partnership and the U.S. Chamber of Commerce, according to the biography.
He is listed as a graduate of Emory and Henry College, the University of Wyoming and Harvard University.