Summary
Norfolk Southern Corporation (NSC) filed an 8-K on August 28, 2019, to announce a significant leadership change within its finance department. Effective November 1, 2019, Cynthia C. Earhart will retire as Executive Vice President and Chief Financial Officer (CFO). She will continue in her role until her retirement date, ensuring a smooth transition of financial responsibilities. Concurrently, the Board of Directors appointed Mark R. George as the new Executive Vice President and CFO. Mr. George brings extensive financial leadership experience from his thirty-year tenure at United Technologies Corporation (UTC), where he held various senior finance roles. His compensation package includes a signing bonus, annual salary, long-term incentive awards, and severance benefits, as detailed in the filing.
Key Highlights
- 1Cynthia C. Earhart to retire as EVP and CFO effective November 1, 2019.
- 2Mark R. George appointed as new EVP and CFO, effective November 1, 2019.
- 3Mr. George has over 30 years of financial experience, most recently at United Technologies Corporation.
- 4Mr. George's compensation includes a $400,000 signing bonus and an annual salary of $600,000.
- 5He will receive $1,000,000 in Long-Term Incentive Plan awards (stock options, performance share units, restricted stock units).
- 6The company has provided details on severance benefits and change in control agreements for Mr. George.
- 7The announcement was made via a press release dated August 28, 2019.