(The Associated Press circulated the following on March 24, 2011.)
NEW YORK — Norfolk Southern’s CEO saw his total compensation fall 9 percent last year despite strong growth in the company’s earnings and stock price, according to an Associated Press analysis of a regulatory filing.
Charles W. Moorman’s performance-based cash bonus nearly doubled to $1.2 million, however.
Moorman’s pay package was $8.3 million in 2010, compared with $9.1 million the year before. Moorman, 59, is also the Norfolk, Va., railroad’s chairman and president.
Moorman’s compensation fell mostly due to a decline in his stock and option awards, while his salary stayed the same at $950,000. The value of the executive’s stock awards on the day they were granted fell 20 percent to $3.9 million, from $4.9 million in 2009. The value of his 2010 option awards on the day they were granted dropped 17 percent to $2.1 million from a year earlier.
The value of his perks, which include use of company aircraft, payment of life insurance policies and contribution of charitable gifts, fell 14 percent to $124,818.
Norfolk Southern Corp. earned $1.5 billion last year, up 50 percent from 2009, as shipments of everything from cars to coal improved. Revenue rose to $9.52 billion from $7.8 billion in 2009.
The full story is on the ABC News website.