NEW YORK (AP) – Michael J. Ward, CSX Corp.’s chairman, president and chief executive, received 2006 compensation the railroad operator valued at $16.8 million, according to a company proxy statement.
Ward, 56, received a base salary of $995,833, non-equity incentive plan compensation totaling $2 million and other compensation totaling $157,587, according to the filing with the Securities and Exchange Commission.
The other compensation included a $15,000 perquisite allowance, personal aircraft use, financial services planning, liability and life insurance and discounts at the CSX-owned resort.
Ward also received stock options and awards valued at $13.6 million.
The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.
In January, CSX said its fourth-quarter profit rose 46 percent, due in part to pricing power and strength in shipments of coal and agricultural freight. The profit was in line with Wall Street predictions.
Ward became CSX’s chairman and chief executive in January 2003, after serving as president since 2002.
CSX shares rose 14 cents to close at $40.05 on the New York Stock Exchange.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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