May 23, 2017 / 1:22 AM / a year ago

ISS recommends CSX shareholders vote for $84 mln CEO reimbursement

NEW YORK, May 22 (Reuters) - Institutional Shareholder Services (ISS) has recommended that owners of CSX Corp. stock vote in favor of an $84 million payment related to the appointment of new CEO Hunter Harrison.

The recommendation is a boon for activist hedge fund Mantle Ridge, which is trying to convince shareholders to agree to the payment. Mantle Ridge fronted the $84 million payment to extract Harrison early from his previous employer, fellow rail company Canadian Pacific Railway. Harrison has said he will resign from CSX if shareholders fail to approve the reimbursement. (Reporting by Michael Flaherty; Editing by Sandra Maler)

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