CSX Corp
CSX Corporation Announces Compensation Increase for CEO Joseph R. Hinrichs
Summary
On February 16, 2024, CSX Corporation's Board of Directors reviewed and approved an increase in the compensation for its Chief Executive Officer, Joseph R. Hinrichs. The changes included a base salary increase from $1,400,000 to $1,500,000, a target annual bonus opportunity increase from 150% to 175% of base salary, and an increase in the target long-term incentive opportunity from $10,000,000 to $11,400,000. Additionally, the annual cap on the aggregate incremental cost for Mr. Hinrichs' personal use of corporate aircraft was raised from $175,000 to $250,000.
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About CSX Corp
CSX Corp is a leading transportation company in the United States that primarily operates in the rail sector. Its core function is to provide rail transportation services, which are crucial for the efficient movement of goods across the eastern half of the country. CSX Corp's network includes about 20,000 miles of track, intermodal terminals, and various related facilities, facilitating the transport of diverse commodities such as coal, chemicals, automobiles, and agricultural products. With its strategic positioning, CSX plays a pivotal role in supply chain logistics, impacting sectors ranging from manufacturing to agriculture. The company's services not only enhance connectivity between major ports and marketplaces but also support the broader economic infrastructure by enabling efficient cargo transfers. As rail freight remains a cost-effective and energy-efficient transportation mode, CSX's operations are vital for reducing transportation costs and emissions in comparison to road transport. Additionally, CSX Corp contributes significantly to economic development by improving the reach and scale of goods distribution, thus supporting infrastructure growth within the regions it serves.
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