CSX Corp. CSX 0.31% disclosed compensation totaling $151 million for deceased railroad executive Hunter Harrison, the biggest CEO pay package for 2017 reported so far by a large U.S. company. But his payout isn’t what it seems.
About $116 million of his package—stock options that were to vest over four years—vanished with Mr. Harrison’s death on Dec. 16, the company said in its annual proxy statement filed with the Securities and Exchange Commission.
The remaining $35 million would still leave Mr. Harrison with the 10th highest pay for the year reported thus far by S&P 500 companies. About 347 companies in the index had reported CEO pay through Friday morning, according to data from MyLogIQ.
Some $29 million of Mr. Harrison’s remaining compensation reflects payments CSX agreed to make on behalf of activist investor Mantle Ridge, which brought the 72-year-old railroad veteran on board in March as part of a bid to revamp the company despite concerns about his health.
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