Summary
CSX Corporation (CSX) filed an 8-K on February 21, 2023, reporting on executive compensation adjustments. The Compensation and Talent Management Committee reviewed and approved increases to the annual base salary and target annual bonus opportunity for Executive Vice President and Chief Financial Officer, Sean R. Pelkey. These changes, effective February 15, 2023, reflect adjustments based on peer company compensation levels and are intended to align Mr. Pelkey's compensation with market standards.
Key Highlights
- 1CSX Corporation announced executive compensation adjustments via an 8-K filing.
- 2Sean R. Pelkey, EVP and CFO, received an increase in his annual base salary.
- 3Mr. Pelkey's base salary increased from $600,000 to $660,000.
- 4The target annual bonus opportunity for the CFO also saw an increase.
- 5Mr. Pelkey's target bonus opportunity rose from 90% to 100% of his base salary.
- 6These compensation changes were approved by the Compensation and Talent Management Committee on February 15, 2023.
- 7The adjustments were made following a review of peer company compensation levels.
Frequently Asked Questions
The main purpose of this 8-K filing is to disclose material changes to the compensation of a named executive officer, specifically the Executive Vice President and Chief Financial Officer, Sean R. Pelkey.
Sean R. Pelkey's annual base salary was increased from $600,000 to $660,000, and his target annual bonus opportunity was increased from 90% to 100% of his base salary.
The adjustments were made following a review of the Company's annual compensation levels for its named executive officers, including a review of peer company compensation, to align Mr. Pelkey's compensation with market standards.
The changes were approved by the Compensation and Talent Management Committee on February 15, 2023, and are effective from that date.