CSX's new chief operating officer to earn $750,000 annual base salary

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CSX Chief Operating Officer James M. Foote
CSX Corp.
JACKSONVILLE, Fla. — New CSX Transportation Chief Operating Officer James Foote took home a $400,000 signing bonus and is earning a higher base salary than either of the executives he is replacing.

A veteran of Canadian National, Foote was hired last week to replace Chief Operating Officer Cindy Sanborn and Chief Marketing Officer Fredrik Eliasson. They will depart CSX on Nov. 15.

Foote will earn a $750,000 annual base salary under the terms of a four-year contract that was disclosed in a CSX regulatory filing on Tuesday.

Eliasson’s base salary was $600,000, while Sanborn’s was $550,000. They both earned more than $1.3 million in cash-based compensation in 2016, a figure that rises to more than $3.7 million when stock awards are included, according to regulatory filings.

Foote was awarded a $2 million sign-on equity award, which is half performance-based and half stock options. He will participate in the same incentive bonus plan as the rest of the railroad’s executives.

CSX CEO E. Hunter Harrison and Foote have maintained a friendship that dates to their days working together at CN, former colleagues say. Foote was CN’s chief sales and marketing officer from 2000 to 2009, while Harrison led CN from 2003 through the end of 2009.

Foote left CN after Claude Mongeau was named to succeed Harrison as chief executive. Prior to being tapped for the CSX position, Foote was president and CEO of Bright Rail Energy, a company seeking to transition railroads to locomotives powered by natural gas.
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