March 6, 2017 / 11:10 PM / a year ago

BRIEF-CSX names Hunter Harrison as CEO

March 6 (Reuters) - Csx Corp

* CSX names Hunter Harrison as chief executive officer

* Says Harrison replaces Michael Ward, who announced his decision to retire as chairman and CEO on February 21, 2017

* Reached an agreement with Mantle Ridge LP, an investment firm formed by Paul Hilal, to reconstitute company’s board of directors

* CSX shareholders to vote on proposed reimbursement in respect of foregone compensation of harrison at upcoming annual meeting of shareholders

* named Hunter Harrison as chief executive officer, effective immediately

* CSX has appointed five new directors to its board of directors, mutually agreed upon by CSX and Mantle Ridge and effective immediately

* In addition, three incumbent CSX directors intend to complete their service for board at or before conclusion of 2017 annual meeting

* As part of his compensation, Harrison will receive an award of incentive options to purchase 9 million shares of Co at current trading price

* CSX’s current presiding director, Edward Kelly, III, will become chairman of board and hilal will become vice chairman

* Says previously convened special meeting of shareholders will not be held

* Harrison indicated that he will resign after 2017 annual meeting if reimbursement and tax indemnity are not provided by CSX

* Says “CSX board does not intend to make a recommendation to shareholders on matters being put forward for a vote”

* To facilitate Harrison’s separation from CP, Mantle Ridge agreed to protect Harrison on interim basis with respect to $84 million compensation

* Goldman, Sachs & Co. And UBS Securities LLC are serving as financial advisors to CSX

* Size of board will be 13 members

* To seek shareholder input for requested payment of $84 million compensation, benefits forfeited by Harrison for separation from Canadian Pacific Source text for Eikon: Further company coverage:

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