Summary
CSX Corporation has announced a significant leadership change within its operations division. Michael A. Cory has been appointed as the new Executive Vice President and Chief Operating Officer, effective September 25, 2023. Mr. Cory brings extensive experience, with over 40 years in railroad operations, including a prior role as COO at Canadian National Railway Company. This appointment signals a strategic move to bolster the company's operational leadership and leverage Mr. Cory's deep industry expertise. The compensation package for Mr. Cory includes a base salary of $725,000, a target bonus opportunity of 100% of base salary, and substantial long-term incentives totaling $3,150,000 in initial grant date value. He will also receive a sign-on equity award of $1,000,000 in restricted stock units. These incentives are structured to align Mr. Cory's interests with those of other senior executives and the company's long-term performance. The company is also providing relocation assistance and other benefits typical for senior executive appointments.
Key Highlights
- 1CSX Corp. appointed Michael A. Cory as Executive Vice President and Chief Operating Officer, effective September 25, 2023.
- 2Mr. Cory possesses over 40 years of experience in railroad operations, including a previous COO role at Canadian National Railway.
- 3The new COO will receive an annual base salary of $725,000.
- 4Mr. Cory has an initial annual target bonus opportunity of 100% of his base salary.
- 5He is eligible for long-term incentives with an initial grant date target value of $3,150,000.
- 6A sign-on equity award of $1,000,000 in restricted stock units (RSUs) will be granted.
- 7Relocation assistance and other executive benefits are included as part of his compensation package.