Summary
CSX Corporation (CSX) has filed an 8-K detailing adjustments to its CEO's compensation package. Effective February 16, 2024, CEO Joseph R. Hinrichs's annual base salary has been increased from $1,400,000 to $1,500,000. This adjustment reflects a broader review of executive compensation by the Board of Directors and the Compensation and Talent Management Committee. Furthermore, Mr. Hinrichs's incentive opportunities have been enhanced. His target annual bonus opportunity has risen from 150% to 175% of his base salary, and his target long-term incentive opportunity has increased from $10,000,000 to $11,400,000. The company also approved an increase in the annual cap for the aggregate incremental cost of the CEO's personal use of corporate aircraft covered by the company, from $175,000 to $250,000. These changes are effective immediately and are part of the company's executive compensation strategy.
Key Highlights
- 1CEO Joseph R. Hinrichs's base salary increased from $1.4 million to $1.5 million.
- 2Target annual bonus opportunity for the CEO raised from 150% to 175% of base salary.
- 3Target long-term incentive opportunity for the CEO increased from $10 million to $11.4 million.
- 4Annual cap on company-covered costs for CEO's personal aircraft use increased from $175,000 to $250,000.
- 5Compensation adjustments were approved by the Board of Directors and the Compensation and Talent Management Committee.
- 6The changes became effective on February 16, 2024.