NEW YORK -- The Associated Press has found that the chairman, president and CEO of railroad operator CSX Corp. saw his total compensation fall 4 percent last year from the year before.
Michael J. Ward's compensation was just over $7 million last year, compared with $7.3 million in 2008.
CSX's full-year earnings fell 16 percent to $1.15 billion as the recession crimped demand for a number of goods the railroad hauls. Revenue for 2009 dropped 20 percent to $9.04 billion.
The AP's executive pay calculation, based on a regulatory filing, aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
(The preceding article was distributed March 25, 2010, by the Associated Press.0
