01—Abstract
Summary
Summary of the 8-K filed October 13, 2026. Cited figures are marked; the original filing is the authoritative source.
CSX Corporation has announced the retirement of Michael A.
Cory, Executive Vice President and Chief Operating Officer, effective October 12, 2026. Mr. Cory will remain with the company in a transitional role until May 8, 2027, to ensure a smooth handover of his responsibilities. During this transition period, he will continue to receive his base salary and benefits, and will be eligible for a pro-rated bonus for 2027 based on performance.
This leadership change is accompanied by a Transition Agreement and a Non-Compete Agreement. The Non-Compete Agreement imposes restrictions on Mr. Cory for 24 months post-employment, safeguarding CSX's interests. Investors should note that detailed terms of these agreements will be provided in CSX's Form 10-K filing for the fiscal year ending December 31, 2026.
02—Key points
Key Highlights
- Michael A. Cory, EVP and COO, is retiring from CSX.
- Mr. Cory will provide transition services until May 8, 2027.
- He will continue to receive his $780,000 base salary and benefits during the transition.
- Mr. Cory is eligible for a pro-rated 2027 bonus based on performance.
- A Transition Agreement and a 24-month Non-Compete Agreement are in place.
- The Non-Compete Agreement includes non-solicitation and confidentiality clauses.
03—Questions
Frequently Asked Questions
What is the immediate impact of Mr. Cory's retirement on CSX's operations?
The immediate impact is managed through a transition period. Mr. Cory will continue to provide services until May 8, 2027, ensuring continuity in his former COO responsibilities and facilitating a smooth handover to his successor.
What are the financial implications of Mr. Cory's transition agreement?
CSX will continue to pay Mr. Cory his annual base salary of $780,000 and provide benefits during the transition period. He is also eligible for a pro-rated bonus for 2027, based on performance, which represents an ongoing compensation cost for the company during this interim phase.
What is the purpose of the Non-Compete Agreement?
The Non-Compete Agreement is designed to protect CSX's business interests. It restricts Mr. Cory from engaging in competitive activities or soliciting company clients and employees for 24 months after his employment terminates, ensuring the company's proprietary information and customer relationships are safeguarded.
Where can I find more detailed information about the agreements with Mr. Cory?
More comprehensive details regarding the Transition Agreement and the Non-Compete Agreement will be included in CSX Corporation's Annual Report on Form 10-K for the fiscal year ending December 31, 2026.
04—Continue