Given Mantle Ridge’s demand to be treated like a majority stockholder, even though they own only a small portion of the stock, I’d say that it’s not CSX who wants EHH, it’s Mantle Ridge who wants EHH, and they certainly don’t want to pay for him out of their own pocket…
The TRAINSNewswire for 03/08/2017 gives some of the details in a story about EHH’s Compensation Package:
FTA:"…Harrison will receive a base salary of $2.2 million and an annual target bonus opportunity of up to $2.8 million, with that amount as a guaranteed bonus this year, CSX said in a regulatory filing.
Harrison also was granted options on 9 million shares of CSX stock at $49.79 – a deal worth $448 million at the current price. The option will vest in equal annual installments over Harrison’s four-year contract. Half the option will be based on continued employment, with the other half hinging on the achievement of performance targets.
At the CSX annual meeting, shareholders will vote on whether to reimburse Mantle Ridge and Harrison for the $84 million in compensation and benefits Harrison left on the table by leaving five months early from the top job at Canadian Pacific.
If shareholders approve the “make-whole” arrangement, CSX will pay Mantle Ridge $55 million
and later would pay Harrison $29 million and pick up the tab for taxes on the deal…
[The article further adds:] "…CSX’s corporate bylaws were amended to separate the roles of CEO and chairman of the board. In addition, the board’s mandatory retirement age of 75 was eased in a nod to the 72-year-old Harrison.
Mantle Ridge, which currently holds just under 5 percent of CSX&rsqu
Not excatly a Control Point - a 2 mile Yard Limit.
Yard Limit is on the former South Baltimore Industrial Track. Track was designated ‘Other Than Main Track’ by the Division. However, once it got that designation MofW could not be protected on the track as Authorities only apply to Main Tracks and Yard Limits. Thus to be able to give MofW protection on this segment of track a Yard Limit had to be created - I was just lucky enough to be retiring at the appropriate time. Regardless of the reasons behind it, I’ll take it - on behalf of my Grandfather’s 47+ years, my Father’s 37+ years and my 51+ years.
[quote user=“BaltACD”]
Regardless of the reasons behind it, I’ll take it - on behalf of my Grandfather’s 47+ years, my Father’s 37+ years and my 51+ years.[/quote
135+ years of service and wisdom! Amazing! And that institutional wisdom is often lost or even devalued in today’s short-term approach.
[quote user=“schlimm”]
ABSOLUTLY! What a great legacy! [angel] [bow]