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CSX CORP 8-K Report, Executive Changes (Jun 9, 2021)

Reports
Leadership Changes·Regulation FD·Exhibits & Filings
Filing Date
Filed June 9, 2021
Period End
June 7, 2021
Security
CSX
In the record · 2016–202610-K1110-Q328-K137

CSX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’18Feb ’18
  2. Leadership change8-K · Jul ’20Jul ’20
  3. Material agreement8-K · Jul ’22Jul ’22
  4. Leadership change8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed June 9, 2021. Cited figures are marked; the original filing is the authoritative source.

CSX Corporation (CSX) filed an 8-K on June 8, 2021, reporting significant senior leadership changes effective June 7, 2021.

Mark K. Wallace has been appointed Executive Vice President, shifting his focus to special projects while continuing treatment for cancer. Kevin S.

Boone moves to Executive Vice President of Sales and Marketing, previously holding the CFO role. Notably, Sean R. Pelkey has been appointed as the Acting Chief Financial Officer.

Mr. Pelkey, with extensive experience within CSX, including finance and investor relations, will receive a base salary of $516,000a and a long-term incentive equity award equivalent to 1.5 times his base salary. These changes suggest a strategic realignment of key executive responsibilities.

The appointment of Mr. Pelkey as Acting CFO, a move from Vice President of Finance and Treasury, indicates confidence in his financial acumen to lead the company's financial operations on an interim basis. Investors should monitor how these new leadership roles impact operational efficiency and financial strategy moving forward, particularly in light of Mr. Wallace's specialized project focus.

02—Key points

Key Highlights

  1. CSX announced senior leadership changes on June 7, 2021.
  2. Mark K. Wallace appointed Executive Vice President, focusing on special projects.
  3. Kevin S. Boone appointed Executive Vice President of Sales and Marketing.
  4. Sean R. Pelkey named Acting Chief Financial Officer.
  5. Sean R. Pelkey's compensation includes a $516,000 base salary and a long-term incentive equity award.
  6. The press release detailing these changes was attached as Exhibit 99.1.

03—Questions

Frequently Asked Questions

  1. What are the key leadership changes at CSX as reported in this 8-K?

    CSX announced that Mark K. Wallace has been appointed Executive Vice President, Kevin S. Boone has been appointed Executive Vice President of Sales and Marketing, and Sean R. Pelkey has been appointed Vice President and Acting Chief Financial Officer.

  2. Why is Mark K. Wallace shifting his role?

    Mark K. Wallace is continuing treatment for cancer and will now focus on special projects and initiatives supporting the President and Chief Executive Officer.

  3. What is Sean R. Pelkey's background and compensation as Acting CFO?

    Sean R. Pelkey joined CSX in 2005 and most recently served as Vice President of Finance and Treasury. He has also held roles in capital markets and investor relations. As Acting CFO, he will receive an annual base salary of $516,000 and a long-term incentive equity award valued at 1.5 times his base salary.

  4. Are these leadership changes considered definitive or interim?

    The filing specifically designates Sean R. Pelkey as 'Acting Chief Financial Officer,' suggesting this appointment may be interim. The roles for Mr. Wallace and Mr. Boone are presented as appointments to new executive vice president positions.

04—Continue

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