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CSX balks at Harrison, 72, pay packet and medical check-up refusal
TURN-AROUND plans for US class I railway CSX Corp from its prospective CEO, Hunter Harrison, 72, have encountered opposition from board members, reports Bloomberg.
One objection is over an "exceptionally unusual if not unprecedented" compensation package from CSX Corp worth US$300 million, reports Toronto's Financial Post.
Another hold up is Mr Harrison's refusal to have an independent physician review his medical records. He took several weeks off work in 2015 after surgery on his legs led to medical complications, including pneumonia.
A Bloomberg source said CSX has extended the deadline to nominate directors as it negotiates with activist investor and Harrison ally Paul Hilal, who is working with Harrison in a quest for six seats on the board.
With the two sides opposed, doubts increase that Mr Harrison, former CEO of Canadian National and who recently resigned as CEO of Canadian Pacific, will take over CSX, said the source.
Mr Harrison's resignation to take over CSX meant the loss of US$90 million in compensation and reaching a new noncompete accord to free himself to run CSX.
In 2012, he teamed up with billionaire investor Bill Ackman to turn around CP. Mr Hilal, who was Mr Ackman's point man for Canadian Pacific, now wants to repeat the feat at Jacksonville-based CSX.
One objection is over an "exceptionally unusual if not unprecedented" compensation package from CSX Corp worth US$300 million, reports Toronto's Financial Post.
Another hold up is Mr Harrison's refusal to have an independent physician review his medical records. He took several weeks off work in 2015 after surgery on his legs led to medical complications, including pneumonia.
A Bloomberg source said CSX has extended the deadline to nominate directors as it negotiates with activist investor and Harrison ally Paul Hilal, who is working with Harrison in a quest for six seats on the board.
With the two sides opposed, doubts increase that Mr Harrison, former CEO of Canadian National and who recently resigned as CEO of Canadian Pacific, will take over CSX, said the source.
Mr Harrison's resignation to take over CSX meant the loss of US$90 million in compensation and reaching a new noncompete accord to free himself to run CSX.
In 2012, he teamed up with billionaire investor Bill Ackman to turn around CP. Mr Hilal, who was Mr Ackman's point man for Canadian Pacific, now wants to repeat the feat at Jacksonville-based CSX.
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